Labor Conditions Continue Improving as Government Support Fades

The August employment report from the Bureau of Labor Statistics (BLS) was better than expected with the headline unemployment rate tumbling from 10.2% to 8.4%, well below the 9.8% median forecast. The household survey, which provides data for the unemployment calculation, showed 3.8 million finding work last month with another +968k entering the workforce. Apparently, the $600 per week federal benefit, which expired at the end of July, prompted a significant number of Americans to seek employment in August.

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