August’s employment report was strong. 1.4 million new jobs, a higher labor force participation rate, and a decline in the unemployment rate to 8.4% from 10.2%! Ignoring the hiring of 238,000 temporary Census workers, job growth is still down from 4.8 million in June, 1.7 in July. Permanent job losses are rising, and even at this highly elevated rate, it’ll be late 2021 before the remaining 11.5 million jobs return.