September 05, 2020

US unemployment rate drops by 8.4%

The Gist

The unemployment rate fell quickly in August as the US economy continued to recover from the COVID-19 pandemic.

The List

  • US employers added 1.4 million jobs in August - the unemployment rate fell to 8.4% from 10.2% in July.
  • At the beginning of the COVID-19 pandemic in April, the jobless rate hit as high as 15%.
  • The drop in the unemployment rate was sharper than economists expected - a lot of laid-off workers have been recalled by businesses.
  • D. Trump was very satisfied with the news about the unemployment rate, he said the drop came  "many, many months ahead of schedule.”  
  • If the unemployment rate will continue to fall this fast, it may reach 7% by early November.  

Additional information

We'd love to help you learn more about what's happening