U.S. Economy Added 235,000 Jobs In August

After months of record gains in job growth,  the American economy added just 235,000 jobs – a drop that seems to indicate the Delta variant is slowing things. Economists were projecting a gain of 725,000 jobs.

As coronavirus vaccinations were becoming more widespread, the economy added 962,000 new jobs in June, and July surpassed that with 1.05 million. But August saw the pace of hiring slowed greatly with no jobs in the hospitality and leisure industries.

Two bits of good news:  longterm unemployment has been consistently falling and wage growth has improved faster than expected with earnings climbing 0.6% in a single month, or 4.3% on a year-over-year basis.

The unemployment rate dropped to 5.2 percent, compared with 5.4 percent in July.

Since April of 2020, the economy has regained 17 million jobs initially lost due to the pandemic, but still needs 5.3 million more to reach the employment levels of pre-pandemic February 2020.

Read more at Axios.