July’s jobs report shows hiring rose ‘at its fastest pace in nearly a year’ even as new cases of the deadly COVID-19 increase. According to CNBC, ‘nonfarm payrolls increased by 943,000 for the month while the unemployment rate dropped to 5.4%’ based on ‘the department’s Bureau of Labor Statistics. The payroll increase was the best since August 2020.’
Wages also increased by 0.4% for the month and up 4% from the same period a year ago.
- Leisure and Hospitality: added 380,000 positions. The unemployment rate in this industry fell from 10.9% in June to 9%. One year ago, the unemployment rate for this industry reached 25%.
- Education: showed strong gains, with 261,000 new hires.
- Professional and business services: added 60,000.
- Transportation and warehousing: added 50,000.
- Other increases:
- Health care (37,000)
- Manufacturing (27,000)
- Information (24,000
- Financial activities (22,000)
- Mining (7,000)
- Retail posted a loss of 6,000. Construction and wholesale remained flat.