July Jobs Report

The July jobs report is out. The U.S. economy created 1.763 million jobs last month. Expectations were for 1.48 million.

The number of unemployed fell by 1.4 million to 16.3 million.

The unemployment rate fell to 10.2%.

The labor force participation rate was 61.4%.

Average hourly earnings rose 0.2%.

From CNBC:

However, there were wide variations around the estimates as the pandemic’s resurgence dented plans to get the shuttered U.S. economy back online. Forecasts ranged from a decline of half a million jobs to a rise of 3 million. May and June saw a combined increase of more than 7.5 million, the fastest two-month rise in U.S. history.

The reason for those big gains, though, was the return of displaced workers who were laid off as the nation sought to stave off the Covid-19 spread.

Even with a three-month gain of 9.3 million workers either newly hired or back to their jobs, the total employment level remained 12.9 million below its February level. The May and June counts were revised up by a total 17,000.

Here’s nonfarm payrolls:

Here’s the unemployment rate:

Posted by on August 7th, 2020 at 8:34 am


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