August was a month of success for the American labor sector

August was a month of success for the American labor sector

The unemployment rate dropped significantly, while more than 1.3 million jobs have been created

After yesterday, when the weekly #unemployment claims came in better-than-expected, today was the non-farm payrolls' turn to be in the spotlight.

The Bureau of Statistics showed that during the past month, the non-farm payrolls increased by 1.371 million. Although it can be a satisfying figure given the fact that several US states were in lockdown for the second time due to a spike in the number of #COVID-19 infections, the result came in below the 1.375 million forecasted. The August job growth indicates that more than half of the people that became jobless during the pandemic are back to work.

At the same time, the unemployment rate plummeted to 8.4% from a previous 10.2%. It topped the 9.8% expected. It was by far the lowest reading since March.

Markets reacted positively to the news, and USA30 gained 0.7%. TECH100 was up 0.2%.

Read the latest job report here!

Sources: forexfactory.com, cnbc.com


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