US Non-Farm payrolls employment grew 1371k in August, slightly below expectation of 1550k. Unemployment rate dropped sharply to 8.4%, down from 10.2%, beat expectation of 9.9%. Labor force participation rate also rose 0.3% to 61.7%. Average hourly earnings rose 0.4% mom, above expectation of 0.0% mom.
BLS said: “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.”
