US employers hire 1.4M in August as unemployment falls to 8.4%

(Supplied/Indiana House Republicans)

WASHINGTON (Fox News): The U.S. economy added 1.4 million jobs in August, indicating the pace of rehiring has eased amid growing fears the nation faces a slow recovery from the coronavirus pandemic.

The Labor Department’s payroll report released Friday showed the unemployment rate unexpectedly tumbled to 8.4%, down from 10.2% in June. It marks the first time since March the nation’s jobless rate is below 10%.

Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 9.8% and the economy added 1.4 million jobs. It’s well below the combined 7.5 million jobs added in May and June before hiring cooled in July, with 1.9 million added.

Still, joblessness remains historically high. The unemployment rate sat at 3.5% in February, a half-century low, before the crisis began.

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