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”, said 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.

Cailin Birch, Global Economist at The Economist Intelligence Unit, via CNN said, “The stagnant participation rate confirms that there are millions of potential workers who are still outside the labor force not currently looking for work and therefore not counted among the unemployed”.

The extent to which the Delta variant will affect the U.S. labor market in August remains to be seen.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

facing adversity head-on
Facing Adversity Head-On: Leadership Insights From Charmeachealle Moore
July 23, 2024

Welcome to “Through the Storm,” where resilience and facing adversity head-on takes center stage. If you were to look up the word in the dictionary, you might just find a picture of Charmeachealle Moore, known affectionately as Mike Moore. His life story reads like a testament to unwavering determination and perseverance. Mike is a…

Read More
Breaking the Cycle and Inspiring Others
July 23, 2024

Nowadays, the traditional path to education is being questioned more than ever and there are numerous stories that provide a beacon of hope for those considering alternative routes. As the number of adults without a high school diploma reaches nearly 22 million in the United States, the importance of understanding and embracing non-traditional education…

Read More
School Safety and Regulatory Compliance
Approaching Safety and Regulatory Compliance with Intent and Purpose
July 23, 2024

In this episode of School Safety Today by Raptor Technologies Michelle Dawn Mooney sat down with special guest, Carrie Mockler, the Vice President of Operations at PublicSchoolWORKS, a Raptor Technologies company. PublicSchoolWORKS is a fully automated, all-in-one learning management system for online training for school staff and a comprehensive risk management program. Key Takeaways: •…

Read More
The Power of Self-Compassion in Leadership and Cognitive Diversity Can Transform Workplaces
July 23, 2024

Mental health and a sense of belonging are critical issues in today’s workplaces. So much that it is essential to practice self-compassion and form a better understanding of cognitive diversity. Leaders today must navigate the complexities of fostering connection and reducing isolation among their teams. Recent studies indicate that 40 percent of employees feel…

Read More