Hiring rose for the fourth straight month, though at the slowest pace since the U.S. economy began to spring back from April shutdowns.

Nonfarm payrolls increased 1.4 million in August, the Labor Department said Friday, matching economists’ expectations and following gains of 2.7 million, 4.8 million, and 1.8 million in May, June and July, respectively. The temporary hiring of 238,000 Census 2020 workers helped boost payrolls.

The U-3 unemployment rate, meanwhile, dropped to 8.4% from 10.2% in July. The decline was much bigger than anticipated—economists polled by FactSet expected a 9.8% rate—and it marks the first sub-10% print since the coronavirus crisis began. An increase in the labor-force participation rate, by 0.3% to 61.7%, makes the decline in unemployment even better.

While the unemployment rate is down markedly from its peak near 15% in April, joblessness remains historically high, particularly when compared with a 3.5% rate in February. Some 29 million Americans continue to receive unemployment insurance.

(source: barrons.com)