A full recovery won’t happen until the coronavirus pandemic is under control despite recent unemployment data on apparent continued improvement in the U.S. economy.
Unemployment fell to 8.4% as nonfarm payrolls rose by 13.7 million last month, the Labor Department reported, in numbers that were significantly better than Wall Street expectations. The jobless rate decline was particularly pronounced, sliding 1.8 percentage points from its July level as the labor market continues to heal.
While Rosengren acknowledged the “significant improvement,” he said the economy remains under pressure.
“We have a long way to go before we are fully recovered, but I will say this employment report was a very positive one,” he told CNBC’s Steve Liesman during an interview on “The Exchange.”
He noted that many of the gains were in the retail and hospitality sectors, both areas hard-hit during the pandemic as shoppers and diners stayed home due to government-imposed restrictions aimed at controlling the coronavirus spread.
Those areas have a long way to go before they are back to pre-pandemic levels, Rosengren added.
