USA economy added 1.8M jobs in July; unemployment at 10.2%

Daniel Fowler
August 8, 2020

It was the third-straight month of improvement after the spring lockdown to stem the spread of the disease decimated the labor market.

The assessment showed that the number of unemployed persons in the United States fell by 1.4 million last month.

But while millions of people lost jobs, millions of others gained them, with the balance moving in favor of people going back to work.

The widely-anticipated assessment said 1.8 million payrolls were added for the month.

If those predictions hold true, America would still be down some 13 million jobs since February, and the unemployment rate would still be higher than at the peak of the 2007-09 financial crisis.

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"While these numbers are a bit better than forecast, there still isn't much to be upbeat about from this jobs report", said Steve Rick, chief economist at CUNA Mutual Group. That would signal even more clearly that the foundation of the recovery is cracking.

While that number suggests that layoffs across the nation are ebbing, some economists warned that the expiration of the federal $600 weekly top-up to state unemployment benefits at the end of July could have discouraged some workers from filing claims.

The unemployment rate fell to 10.2%, continuing to improve from the high of 14.7% seen in April.

Change in total nonfarm payroll employment for May was revised up by 26K to +2.725M and for June was revised down by 9K. Asian people have an unemployment rate of 12%, while white people have the lowest numbers, at 9.2%.

Leisure and hospitality saw the largest gains out of the sectors which added jobs, with employment increasing by 592,000.

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