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Data: BLS; Chart: Axios Visuals

The U.S. added 1.4 million jobs last month, while the unemployment rate fell to 8.4% from 10.2% in July, the government announced on Friday.

Why it matters: The labor market is rebounding, but the pace of hiring has dropped off from the fury of job gains seen earlier this summer. The slowdown could be a sign of what's to come: a long, sluggish job market recovery.

By the numbers: The unemployment rate unexpectedly fell by 1.8 percentage points — hitting single digits for the first time since March.

  • Still, the jobless rate is still the worst in years and much higher than the 3.5% seen in February before effects of the coronavirus pandemic hit the labor market.
  • The payroll gains were boosted by the hiring of 238,000 2020 Census workers, but those jobs aren't permanent.

Between the lines: Economists are closely watching the workers who were furloughed or temporarily laid off at the onset of the pandemic — and how many of those job losses are becoming permanent.

  • The number of people on temporary layoff is falling. As of August, 6.2 million were in this category — a decline of 3.1 million. For context, this number skyrocketed to a record 18.1 million in April.
  • But the number of people who said their job loss was permanent rose by 534,000 to 3.4 million — the highest since 2013. This figure has jumped by a cumulative 2.1 million people since February.

The big picture: Congress remains deadlocked over another stimulus package that could support the job market and head off coming layoffs.

The bottom line: The job market is still solidly in the hole, with 11 million fewer jobs than before the pandemic clobbered the economy.

Go deeper

Tracking the Dow's road to 30,000

It took 218 trading days for the Dow to hit the latest 1,000-point milestone.

Why it matters: Dow 30K is a purely symbolic milestone. The Dow hitting 30,001, for instance, is no less significant.

Erica Pandey, author of @Work
Nov 24, 2020 - World

Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.

Updated 42 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus may have been in U.S. in December 2019, study finds — Hospital crisis deepens as holiday season nears.
  2. Politics: Bipartisan group of senators unveil $908 billion COVID stimulus proposalFDA chief was called to West Wing to explain why agency hasn't moved faster on vaccine — The words that actually persuade people on the pandemic
  3. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  4. States: Cuomo orders emergency hospital protocols as New York's COVID capacity dwindles.
  5. World: European regulators to assess first COVID-19 vaccine by Dec. 29
  6. 🎧 Podcast: The state of play of the top vaccines.

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