US Economy
Adds 943,000 Jobs in July, Far Exceeding Expectations.
The Bureau of Labor Statistics released
the encouraging data on Aug. 6.
Economists had predicted an addition of
870,000 jobs in July.
Data for June was also updated, and showed
gains with 938,000 jobs added in that month.
Economists seem
optimistic about the
U.S. economy's recovery.
I have yet to find a blemish
in this jobs report, Jason Furman, Harvard Economist, via CNN.
16.7 million jobs have been added back
to the market since May of last year.
Also encouraging is the drop in the unemployment rate to 5.4 percent, the lowest since the onset of the pandemic.
Close to one million
people accepted a job in July.
The service industry continues to show significant signs
of recovery, adding 253,000 jobs for the month.
The labor force participation rate
and the employment-population ratio
still remain below pre-pandemic levels.
indicating that the U.S. economy
has a ways to go to reach full recovery.
The stagnant participation rate confirms that there are millions of potential workers who are still outside the labor force, .., Cailin Birch, Global Economist at The Economist Intelligence Unit, via CNN.
... not currently looking for work and therefore not counted among
the unemployed, Cailin Birch, Global Economist at The Economist Intelligence Unit, via CNN.
The extent to which the Delta variant will affect the
U.S. labor market in August remains to be seen