The economy is still expanding at a rapid pace and so far it hasn’t suffered much from the rise of the more contagious delta strain of the coronavirus. The U.S. created a robust 943,000 jobs in July — the biggest gain in nearly a year.
The numbers: The U.S. created a robust 943,000 jobs in July in a sign the economic recovery gained steam and withstood the latest assault from the coronavirus arising from the highly contagious delta strain.
Government payrolls also rose by 240,000, making the strong gain in employment last month look a bit better than it really was. The increase largely reflects seasonal swings in education whose ups and downs have been exaggerated by the pandemic. Many economists predict more people will rejoin the labor force in the fall after schools reopen and extra federal benefits put in place during the pandemic expire. A lack of labor is partly holding back an otherwise robust U.S. economic recovery.Yet some are more doubtful. They contend many of the jobless either lack the skills companies want or don’t live in areas where demand for workers is greatest. A wave of up to 2 million retirements during the pandemic has added to the labor shortfall.
Bars and restaurants added 253,000 new workers in July. Hotels added 74,000 employees and arts and entertainment companies increase payrolls by 53,000. The only industry to lose jobs last month was retail. Employment fell by 5,500, probably because of the consumer shift toward spending on services such as dining out.
“As Covid concerns abate further, schools fully reopen and unemployment insurance benefits expire, the labor force participation rate should pick up further going into the fall,” economists at Morgan Stanley said.
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