The U.S. economy continued to bring back jobs lost to the Coronavirus outbreak as businesses added 1.4 million jobs in the month of August, but the data shows millions of Americans remain out of work because of the economic damage inflicted by the virus around the nation.
After reaching 14.7 percent in April, the latest report from the Labor Department showed the nation’s jobless rate dropping to 8.4 percent, the lowest since the economic restrictions imposed for the virus outbreak.
10.6 million jobs have been added since May - but that does not fully offset the 22.1 million jobs lost in March and April.
Still, it was encouraging economic - and political - news for President Trump, who celebrated the new data from the White House.
The 1.4 million jobs gained - normally a huge monthly figure - was actually the smallest since businesses began to re-open around the nation in May.
But the data shows the number of jobs returning has slowed.
In terms of the pure number of people going back to work / getting jobs, that number is slowing.
1.4 million - August
1.7 million - July
4.7 million - June
2.7 million - May
The data also showed job losses becoming more permanent for some Americans who had initially been laid off, but were unable to ultimately return to work.
Economic experts say it would take as many as eight straight months of August-type job growth to fully recoup what was lost in March and April.