U.S. Unemployment Rate Falls Below 10%
For the first time since March the unemployment rate has fallen below 10% after 1.4 million jobs were added in August. The rate now sits at 8.4% which shows that America’s economy is recovering after over 20 million jobs due to the coronavirus pandemic lock down. Chairman of the Federal Reserve, Jerome H. Powell said, “Today’s job report was a good one. We’re not really going to know the speed of the recovery with any clarity for a couple more months. But certainly the healing in the jobs market continues apace.” Retail, leisure, hospitality, restaurants, education and health services were hit the hardest from the shut down but they are showing regrowth. Trump tweeted, “Great Jobs Numbers! Wow, much better than expected!” Stephen Moore, a White House economic adviser, said that this growth report proves that we do not need a $3 trillion stimulus that Nancy Pelosi has been arguing for.