July’s Job Report: Jobs increase; unemployment decreases

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.
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