The Bureau of Labor Statistics released the July jobs report earlier this morning. Overall during this phase of the economic recovery the U.S. added 1.8 million jobs in July, with strong recovery in: Leisure and Hospitality (+592k), Retail Trade (+258k) and professional and business services (+170k). [Full Report Here]
Strong steady gains continue in manufacturing, construction and transportation as more businesses begin to re-open and provide products and services into an economy with strong underlying demand. Durable goods inventories are low, those need to be replaced.
“Today’s strong jobs report completes a full week of encouraging economic news, including growth in manufacturing and services and declines in filings for unemployment benefits. The July job gains, which are the third largest in history, occurred in a period when some of our largest states were tightening restrictions in response to rising coronavirus cases.
Even with these gains, far too many Americans remain out of work, and the Administration is determined to provide enhanced, targeted support for the unemployed while pursuing the pro-growth policies that led to the exceptional economy Americans experienced prior to the virus.”