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The U.S. economy added 1.37 million jobs in August, and unemployment fell to 8.4 percent.Jessica Smith of Yahoo Finance joins the On the Move panel for discussions.
[? ADAM:?] Jessica Smith has the right to break it down into the numbers.Jess?
JESSICA SMITH: Yes, Adam’s non-farm payroll, it went up to 1.37 million and the unemployment rate dropped to 8.4%. It is below 10% for the first time since March. But the wage bill is still around $ 11.5 million below its pandemic level. Temporary layoffs in August decreased from $ 3.1 million to $ 6.2 million, well below the peak of 18.1 million reached in April. However, permanent job losses increased from 534,000 to 3.4 million. Today, the number of other people working part-time because they cannot find a full-time job has dropped to 871,000. The labor force participation rate is 61.7%. That is a little less than expected. And average hourly earnings were up 0.4% month-over-month and 4.7% year-over-year. The Department of Labor also indicates that 24.3% of workers [? Did they telecommute?] In August due to the pandemic. This is down from 26.4%. in July.
Looking at some of the sectors highlighted in this report, public sector employment has increased to 344,000 largely due to census procurement; retail created 249,000 jobs and advertising and advertising created 197,000; leisure and hospitality created 174,000 jobs.But the return to this sector is calming down, if you remember, in July, leisure and hospitality created more than 600,000 jobs, most of this month’s profits were in bars and restaurants, 3.6 million jobs have been added in bars.restaurants over the past 4 months, but employment has continued to drop 2.5 million since February.
We’ve also had some revisions. The number of jobs in June was revised down to 10,000.In July it was revised down to 29,000.This represents 39,000 fewer jobs than before.Finally, [INAUDIBLE], the largest unemployment measure, fell to 14.2% from 16.5% in July.Adam.