It’s official: The U.S. economy added nearly 1.4 million jobs last month, bringing the total to 10.6 million jobs created since May. All told, that accounts for about 50 percent of all jobs lost during the Coronavirus pandemic.
“We’re currently witnessing the fastest labor market recovery from an economic crisis in history—world history,” President Trump said at a Labor Day press conference.
The unemployment rate fell 1.6 percentage points for Africans Americans, 2.4 percentage points for Hispanic Americans, and 1.3 percentage points for Asian Americans. It also dropped 2.1 percentage points for women and an impressive 2.8 percentage points for Americans without a high-school diploma.
In fact, the improvement in the overall unemployment rate to 8.4 percent surpasses what forecasters expected to see by the end of the year, let alone by the end of August.
As Americans celebrated Labor Day yesterday, President Trump held a news briefing to discuss the country’s path forward. His vision includes an expansion of the popular “Opportunity Zone” tax cuts, which have helped boost growth in low-income areas.