• By The Financial District

U.S. Adds 943,000 Jobs In July; Unemployment Rate Drops To 5.3%

Hiring surged in July as American employers added 943,000 jobs and the unemployment rate dropped to 5.4%, another sign that the US economy continues to bounce back with surprising vigor from last year’s shutdown, Paul Wiseman AND Martin Crutsinger reported for the Associated Press (AP).

Photo Insert: Silhouette of workers in Manhattan

The July numbers exceeded economists’ forecast for more than 860,000 new jobs. The Labor Department also revised its jobs numbers for May and June, adding another 119,000 jobs.


The economy and the jobs market, however, face a growing threat from the coronavirus’ highly contagious delta variant. The Labor Department collected its data for the report in mid-July before the Centers for Disease Control last week reversed course and recommended that even vaccinated people resume wearing masks indoors in places where the delta variant is pushing infections up.


Hotels and restaurants, hard-hit at the height of the pandemic, are fully open again and doing brisk business. They added 327,000 jobs last month.


As businesses scramble to find workers as customers come back, they’ve raised wages: Average hourly earnings were up 4% last month from a year earlier, especially impressive because so many of the new jobs came in the low-wage leisure and hospitality sector.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The number of people who reported they had jobs surged by 1 million, most since October, pushing the jobless rate down from 5.9% in June. Encouraged by their prospects, 261,000 people returned to the job market in July.



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