Employment rises as 1.4 million jobs added in August, unemployment rate falling to 8.4 percent.
Total nonfarm payroll employment rose by 1.4 million in August, and the unemployment rate fell to 8.4 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In August, an increase in government employment largely reflected temporary hiring for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.
WHAT DOES THIS MEAN FOR STAFFING?
While the growth of jobs in August is still significant as we observe the market recovering, the additional jobs added were less than expected. This may indicate that the COVID-19 pandemic is having a longer impact on the jobs market. The Staffing Industry as a whole is seeing positive signs, with hiring in professional services, education and healthcare remaining very strong. These sectors will have a harder time finding quality candidates, with more individuals actively employed in these roles.