Chart of the Week – August Jobs Report
Beating economists' expectations, the U.S. labor market continued its recovery in August, adding 1.37 million jobs. The unemployment rate fell by almost two percentage points, to 8.4%.
Economic progress can be explained by how many jobs are created. Therefore, this was a solid report. However, there are signs that job gains will moderate going forward. Those unemployed, who characterized their status as temporary, fell to 45% versus 78% in February. Overall, data in the report fits with our thesis that current economic expansion will continue through the fall, but at a much slower pace.
Source: Bureau of Labor Statistics, Bloomberg. Data shown is from September 2019 through August 2020. This chart is being provided as a general source of information for education purposes only, and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy.