Latest Jobs Numbers Blast Past Expectations, Unemployment Rate Drops to 8.4%

CBN News Financial Editor Drew Parkhill appeared on the Friday morning edition of CBN's Newswatch to talk about the latest positive employment rate and what led to the problem with the economy. Newswatch is seen weekdays on the CBN News Channel. 

As the economy and jobs remain a top issue in this election year, the latest numbers from the government today show a clear improvement in the jobs picture.

The unemployment rate fell sharply from 10.2 percent to 8.4 percent which is far better than expectations and way below the key level of 10-percent. 

Today's numbers also showed the economy added 1.4 million jobs in August, down a bit from July as the pace of new hirings slowed down.

There will only be one more unemployment report before the presidential election in November.

With so much uncertainty about the ongoing impact from COVID-19, many employers aren't sure if they can rehire employees who had to be laid off. So far roughly half of the jobs lost due to the pandemic-induced recession have been recovered. 

Many of America's small businesses, hotels, restaurants, airlines, and entertainment venues are still struggling to cope with the crippling pandemic lockdowns and quarantines.

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