Nonfarm Payroll Employment Increases by 1.8 million in July

The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment rose by 1.8 million in July. According to the BLS the improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the COVID-19 pandemic. Notable job gain in July were found in the leisure and hospitality, government, retail trade, professional and business services, other services and health care. In July, the unemployment rate declined by -0.9% point to 10.2%, while the number of unemployed persons fell by 1.4 million to 16.3 million. Despite declines over the past 3 months, these measures are up by 6.7% points and 10.6 million, respectively, since February.

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