July Jobs Report Defies Expectations – 1.8 Million Jobs Added And Unemployment Drops Again

Despite the Coronavirus shutdowns and all that followed, the economy is continuing to recover at a pace that is surprisingly fast.

The July jobs report is out and there is plenty of good news.

In addition to the creation of 1.8 million new jobs, the unemployment rate dropped from 11.1 to 10.2 percent.

Just the News reports:

July jobs report shows gain of 1.8 million, unemployment rate falls

The U.S. economy added 1.76 million jobs in July, the Labor Department reported Friday. The number exceeds forecasters’ projected 1.48 million gain but was significantly lower than the 4.8 million and 2.7 million job gains, respectively, in June and May.

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The new number suggests that economic recovery from the coronavirus has slowed, amid a recent resurgence of the virus, which became a worldwide pandemic in March.

The unemployment rate fell to 10.2%, a decrease from June’s 11.1%, the department also reported Friday.

Earlier this week, President Trump touted the vastly improved manufacturing numbers in July’s ISM report, as well as a decrease in the numbers of first-time filers for unemployment insurance this week. New jobless claims, however, stayed above the 1 million threshold.

Yesterday, the president, who is in the middle of a reelection bid, spoke in Ohio about the improving economic numbers. He talked about the pre-virus economy and his commitment to bolstering the American work force.

This is great news for everyone, except maybe the Democrats.

Imagine what would happen if we reopened everything.

 

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