The slighter softer 1,371,000 gain in non-farm payrolls in August was flattered by the hiring of 238,000 temporary workers for the 2020 Census and means that more than half of those who lost their jobs between March and April remain out of work. That said, the unemployment rate, which dropped to 8.4% from 10.2%, now appears to be falling more quickly than we had initially assumed.

Read the publication Employment Report (Aug.) on the Capital Economics Website.

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