U.S. unemployment rate falls to 5.4% from 5.9%
The numbers: The U.S. created a robust 943,000 jobs in July, signaling the economy still has plenty of momentum even as the delta strain of the coronavirus emerged as a fresh threat.
Privately owned businesses added 703,000 employees last month, mostly at restaurants, hotels and other providers of leisure and entertainment. The unemployment rate fell sharply to a fresh pandemic low of 5.4% from 5.9% in June, the government said Friday. Yet the official rate likely underestimates true unemployment by two to three percentage points, economists say.
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.
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