- With the addition of 1.371 million jobs in August, employers have restored just under half of April’s 20.79 million job loss. The number of payroll jobs in August stood 7.6% below the February high water mark of 152.46 million jobs.1
- The unemployment rate fell for the fourth consecutive month in August, dropping to 8.4% in August from 10.2% in July. In April, the unemployment rate reached 14.7%. Last year, the unemployment rate averaged 3.7%.
- Private residential construction broke a fourth-month skid by rising 2.1% in July. The increase put the month’s construction spending 0.5% ahead of construction in July 2019. During 2019, construction spending rose 8.3%.
- The Producer Price Index for final demand rose 0.3% in August but was down 0.2% from August 2019. Over the last three calendar years, the PPI increased at a 2.2% average annual rate.
Read More: Wells Fargo Keeping Current