August was another mammoth month for job growth.
The U.S. economy added 1.4 million jobs in August.
That drops the unemployment rate sharply to 8.4%. That’s a huge decline from the peak of 14.7% in April, and the first time since the coronavirus pandemic began that the unemployment rate has dropped below 10%.
Overall, 10.8 million jobs have been created in four months, from May to August.
However, that’s just half of the 22 million jobs lost during the pandemic–suggesting there’s still a lot more to do during this recovery.
What’s more, the jobs aren’t returning equally to the entire country: New York and Los Angeles, the two largest cities in the country, are still largely locked down–and still have sky-high unemployment rates above 16%.
However, in places where the pandemic has largely ebbed, jobs are coming back quickly.