Key Economic Indicators – September 7, 2020

  • Total non-farm payroll employment rose by 1,371 thousand in August, following an increase of 1,734 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls increased by 1,027 thousand, while government employment increased by 344 thousand. In August, an increase in government employment largely reflected temporary hiring for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.
  • The unemployment rate decreased to 8.4% in August, from 10.2% in July. The unemployment rate was 3.7% in August 2019.
  • The number of unemployed decreased by 2,788 thousand to 13.550 million. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 123 thousand to 1.624 million.
  • The labor force participation rate increased by 0.3 percentage point to 61.7% in August.
  • The average workweek of all employees on private nonfarm payrolls increased by 0.1 hours to 34.6 hours.
  • In August, average hourly earnings of all employees on private nonfarm payrolls increased by 11 cents to $29.47. Over the past 12 months, average hourly earnings were up 4.7%.

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