The U.S. economy added 1.37 million jobs in August, and the unemployment rate fell to 8.4%, down from the July figure of 10.2%, the Labor Department reported Friday.

In April, the Congressional Budget Office (CBO) predicted the third quarter unemployment rate would hit 16%, nearly double the number released today. Economists predicted less optimistic figures than the August report ultimately produced. Though the August hiring number fell by 300,000 jobs from the July figure, the 8.4% number was more than a full point lower than the expected figure of 9.8%.

President Trump was pleased with the jobs report on Friday morning, tweeting to his nearly 86 million followers, “Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible.” READ MORE