US unemployment rate falls but fewer jobs added than in July

The US unemployment rate fell sharply in August to 8.4 per cent from 10.2 per cent even as hiring slowed, with employers adding the fewest jobs since the pandemic began. Employers added 1.4 million jobs, the US labour department said, down from 1.7 million in July. The US economy has recovered about half the 22 million jobs lost to the pandemic. Yesterday’s report added to evidence that nearly six months after the coronavirus hit the country, the economy is mounting only a fitful recovery. A wide range of companies are struggling to survive the loss of customers.