WASHINGTON (USAP) — The August jobs report provided by the Bureau of Labor and Statistics found that unemployment has dropped to 8.4 percent, adding 1.4 million jobs. This is a nearly 43.86 percent decrease from the unemployment rate peak in April of 14.7 percent. Additionally, this is the first time since March that it has been under 10 percent.
In June, economists polled by Refinitiv expected the U.S. economy to reach approximately 20 percent unemployment by May. Instead, the rate spiked 5.3 percent lower than anticipated, dropping approximately 9.52 percent.
Prior to the coronavirus pandemic, the United States only had a 3.5 percent unemployment rating. This places the post-COVID-19 economy on a path to recovery, directed by the Trump administration’s economic policies.
___
Caiden Cowger contributed to this report.
