Companies are still hiring, just not as fast as they were. The Labor Department reported Friday that employers added 1.4 million jobs in August, down from about 1.8 million in July, per CNBC. But the overall unemployment rate dropped from 10.2% to 8.4%, marking the first time it has been under 10% since March, when the pandemic began taking a toll on the economy, reports the Washington Post. In the view of the Wall Street Journal, all of the above is a sign that the economy has "settled in for a slow recovery."
While the jobless rate saw a decent drop, the Journal notes that it was at 3.5% in February and remains at historically high levels. Essentially, the nation has about 13 million fewer jobs now than it did when the pandemic began, per the AP. Government hiring accounted for about a quarter of the monthly gain in jobs, with 344,000 added in that sector. (Read more unemployment rate stories.)