During the month of August, employers added more than a million jobs back to the economy — 1.37 million, to be precise.
There were big gains in employment sectors that have been hit hard by the pandemic — professional and business services, retail, leisure and hospitality.
Three million people who were on temporary layoff came back to work, and that helped bring the unemployment rate from the double digits down to 8.4%.
Now, some caveats: About 238,000 of those “new” jobs represent temporary census workers who’ll be out of work again soon. The total also includes a lot of part-time jobs. And job growth is slowing from nearly 5 million a month back in June.
So what does all that tell us about the economy?