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American Jobs Continue to Roar Back in July

jobsJobs numbers exceeded expectations for the third month in a row. 1.8 million jobs were added to the U.S. economy in July – beating expectations by nearly 300,000 jobs – and unemployment dropped to 10.2%. It has now taken just three months to add 9.3 million jobs during the COVID-19 economic recovery, an encouraging sign for the great American comeback.

July Employment Situation Report

Job Gains Continued to Surge, Beating Expectations for the Third Month in a Row

  • Total nonfarm payroll employment rose by 1.8 million in July, exceeding market expectations of a 1.5 million gain.
    • The total job gains over the past 3 months (May – July) have beaten the market’s expectations by a combined 12 million jobs.
  • Nonfarm employment has risen 9.3 million over the past three months.  As a frame of reference, after employment reached a trough in 2010 following the Great Recession, it took well over 4 years to add 9 million jobs.
  • Jobs for low-waged workers increased greatly, with the largest gains in leisure and hospitality (+592,000) and retail trade (+258,000).
    • Employment in manufacturing (+26,000) and construction (+20,000) also increased.
    • Indicating pent-up demand, average weekly hours in the manufacturing sector increased by a strong 0.7 hours.
  • Job gains since April represent a recovery of 42 percent of jobs lost in March and April.
  • At the peak in April, 23.1 million people were unemployed compared to the July level of 16.3 million – representing a reduction of 29.2 percent (or 6.7 million people) over those three months.

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Americans Return to Work as Unemployment Falls

  • The unemployment rate decreased 0.9 percentage points to 10.2 percent in July, beating expectations.
  • All demographic groups saw unemployment rates decrease:
    •  Hispanics   (-1.6 p.p. to 12.9%), Asians (-1.8 p.p. to 12.0%), Blacks (-0.8 p.p. to 14.6%), those without a high school education (-1.2 p.p. to 15.4%), those with only a high school education (-1.3 p.p. to 10.8%), teenagers (-3.9 p.p. to 19.3%).
  • African American employment increased by 234,000 in July. Combined with May and June’s gains, this represents an increase of 921,000 over the past three months.
    • The labor force participation rate for African Americans also increased by 0.2 percentage point.
  • This July, nearly 1.4 million more workers were classified as employed but not at work for “other reasons” than the average of the July values for the prior four years. Classifying these workers as unemployed would raise July’s unemployment rate to 11.1 percent, still a decline from 12.3 percent in June.
    • The total number of unemployed persons has decreased by 6.7 million people—or 29.2 percent—over the past 3 months from the April peak.
  • In July, 59.8 percent of the unemployed were likely temporary job losers, 3.8 percentage points lower than the share in June.
  • The labor force participation rate remained relatively unchanged, ticking down 0.1 percentage point to 61.4 percent, but the employment-to-population ratio increased 0.5 percentage points to 55.1 percent.
  • Reentrants to the labor force who are unemployed remained elevated at 2.4 million in July, 564,000 above their level in July 2019, showing workers’ confidence in their ability to find a job.

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1 month ago

Yes, in spite of several Democrat run states continuing their draconian lock-downs of their citizens and state economies, public sector teacher unions all refusing to re-open the schools until a series of ludicrous demands are met that have NOTHING to do with Covid-19, and the mainstream media continuing to try and scare the public into hiding in their homes until a AFTER election day when they all hope Joe Biden will glide into the White House and the Democrats will regain control of the Senate, the American people are putting their all into getting this economy back up despite the… Read more »

Roger Reid
1 month ago

In Obama’s 8 years “recovery” Monthly increase never got above 200,000s. Best he could offer was “these jobs are never coming back”

1 month ago

Can’t add too much from what the always knowledgeable PaulE stated. As I’ve complained many, many times before, I currently reside in the Progressively Communist Democratic State of California where our Jackass (Democratic) Governor who by the way is related to Never Nancy Pelosi has handicapped businesses, especially small businesses, by outlawing independent contractors. So look out all you Conservatives having to live in Progressively Communist Democratic Run States. If this isn’t defeated here the same will be coming to your state. I just might have to consider moving to a Republican run state if things don’t change here. But… Read more »

1 month ago

PaulE (below) pretty much says it all. He mentions the CA gov. We call him Gruesome Newscum as he has single handedly forced CA’s economy into a depression. Looking to move to Idaho ASAP.

1 month ago

The demwits must marvel daily at what Trump does. I don’t understand how they avoid suicide.
Can wait to hear October’s comments from Hollywood that ” I will leave the country if Trump wins.”
Since 2016 I don’t think one “celebrity” has left. What holding them back ? Venezuela would love to
have them.

1 month ago

How long do we pay teachers for not working ? Why is this not discussed ? I think its obscene.

1 month ago

Good news, but I think jobs will come back sooner if a National Plan is put in place to test all employees for virus & get the workforce all down to negative tests. They can go to work every day knowing they are taken care of and in safe environment. This costs dollars & needs push of Feds.

1 month ago

Too much “old news” listed here. I view the news on FOX daily. Many of these selections are way outdated. Perhaps topics covering 1 week back is fine.

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