The unemployment rate dropped to 5.4% as the U.S. economy continues to bounce back with surprising vigor from last year’s coronavirus shutdown.
Hiring surged in July as American employers added 943,000 jobs.
The Labor Department’s July jobs report Friday is expected to show that the United States added more than 860,000 jobs last month, topping June’s 850,000, according to a survey of economists by the data firm FactSet. As a result, the economy has bounded back with unexpected speed. The International Monetary Fund expects U.S. gross domestic product — the broadest measure of economic output — to grow 7% this year, its fastest pace since 1984.
Another problem: Many of those thrown out of work by the coronavirus recession can’t go back to their old jobs.
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