What You Need To Know | August Delivers Another Month of Historic Job Growth

What You Need To Know | August Delivers Another Month of Historic Job Growth
September 8, 2020 Comments Off on What You Need To Know | August Delivers Another Month of Historic Job Growth Latest, Local Politics, Press Releases, RNHA News Articles RNHA NEWS

BRINGING JOBS BACK 

  • The American economy gained nearly 1.4 million jobs in August, making it the fourth month in a row of over 1 million jobs added. 
  • 249,000 retail, 174,000 leisure and hospitality, and 45,000 manufacturing and constructions jobs were added in August.
  •  A record 10.6 million jobs have been gained since April, bringing back about 50% of the jobs lost from the lockdowns.
  • The amount of jobs added to the U.S. economy over the past 4 months, has surpassed expectations by a combined 12.2 million jobs.
  •  Nominal average hourly earnings jumped up 0.4% in August, making a significant 4.7% increase over the past 12 months.

FALLING UNEMPLOYMENT

  • The unemployment rate dropped by 1.8 percentage points to 8.4%, beating expectations which only predicted a 0.4 percentage point decrease.
  •  The August unemployment rate drop is the second largest decrease on record.
  • ·The unemployment rate fell for African Americans (-1.6 percentage points), Hispanic Americans (-2.4 percentage points), and Asian Americans (-1.3 percentage points).
  • In addition, those without a high schools diplomas saw a 2.8 percentage point decrease in unemployment, while the rate for adult women fell by 2.1 percentage points – the second largest drop ever.

SMASHING EXPECTATIONS

  • Unlike the previous administration, which led a historically slow recovery, President Trumps’ pro-growth policies are unleashing a great American comeback.
  • The recovery continues to trounce the Obama administration’s sluggish recovery.
  • Under Obama, it took nearly 9 years for the unemployment rate to drop 6.3 percentage points, something achieved in just 4 months under President Trump.
  • The unemployment rate has already fallen below the peak unemployment rate from the great recession of 10.0 percent.
  •  The unemployment rate has fallen to a level that forecasters didn’t expect to reach even by the end of the year.
  • The CBO projected in July that we would end the year with a 10.5 percent unemployment rate.
  • The Federal Reserve predicted the unemployment rate would be 9.3 percent by the end of 2020.

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