The Conference Board's Labor Market Institute expects job growth to stall throughout the rest of 2020, according to the think tank's VP Gad Levanon.

In August, employment increased by 1.37 million, with 238,000 coming from the hiring of temporary 2020 Census workers, according to the U.S. Bureau of Labor Statistics Employment Situation Report.

The unemployment rate dropped to 8.4%, but the true rate, after adjusting for the misclassification error, is 9.1%. Between February and April, more than 22 million jobs were lost. Forty-eight percent of those were recovered since April.

The BLS report suggests that the rise in new COVID-19 cases at the beginning of the summer did not prevent the economy from further expanding. Most measures of economic activity in July and early August came in better than expected. Even though the employment gains from the reopening of the economy are slowing down, they remain well above the additional layoffs, which are shrinking as well.

"We expect employment growth to slow down further in the coming months as government stimulus tapers off, and as concerns about another wave of infections in the fall make consumers and businesses more cautious," Levanon said.

Learn more at The Conference Board