Wages are rising by about 1.4 million as the unemployment rate falls

Wages are rising by about 1.4 million as the unemployment rate falls

Wage increases rose by 1.37 million in August and the unemployment rate fell to 8.4% as the US economy continued to rise from the pandemic recession.

The unemployment rate was well below the coronavirus closure in March, according to Labor Department data released on Friday.

Economists surveyed by the Dow Jones were expecting an increase of 1.32 million and the unemployment rate will fall to 9.8% from 10.2% in July.

Markets rose sharply in the news, with Dow shares showing a gain in opening after an aggressive sell-off on Thursday.

Government recruitment helped boost the total, with 344,000 employees accounting for a quarter of monthly earnings. Most of these hires came from Census employees, whose roles increased by 328,000. Despite concerns about declining municipal revenues, local government employment increased by 95,000.

The total of those in the furlough also dropped dramatically. There were 24.2 million people who said they were not working because their employer either closed or lost businesses due to the pandemic, up from 31.3 million in July.

Other big jobs gained a reputation from retail, which added 249,000 jobs, while professional and business services grew by 197,000, and entertainment and hospitality, the sector most affected by the pandemic, made a profit of 174,000, most come to bars and restaurants.

Education and health services also made significant gains, at 147,000, while transfers increased by 78,000 due to large gains in storage and storage facilities. Financial activities increased by 36,000 while manufacturing increased by 29,000 and wholesale trade increased by 14,000.

The report comes amid a series of positive economic signals, with retail, real estate and construction showing a sharp recovery from low levels of coronavirus. Still, economists worry that unless there is another incentive from Congress, increases in activity could be short-lived. The increase in work in August means that more than half of those displaced during the pandemic return to work.

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