US economy beats forecasts, adds 1.8 million jobs in July as unemployment rate declines to 10%

 

Trump approval hits new high in Gallup poll, despite impeachment


The US economy added jobs for a third straight month in July the nation attempts to reopen and claw back from the devastating coronavirus recession.

American businesses added 1.8 million nonfarm payrolls during the month, according to the Bureau of Labor Statistics. That exceeded the 1.5 million payroll additions expected by economists surveyed by Bloomberg.

The US unemployment rate came in at 10.2%, the BLS said, lower than the 10.6% expected by economists. It was also down from 11.1% in May. April's 14.7% reading was the highest since the Great Depression of the 1930s.

"Joblessness is still tremendously high, but it is moving in the right direction," said Nick Bunker, an economist at Indeed. 

The data comes amid a crucial time as the US tries to recover from the damage caused by the virus, which triggered the worst recession since the Great Depression. Recent spikes in coronavirus cases have forced some states to pause or roll back their reopening plans, threatening a swift recovery.

Inside the numbers

Employment ticked up across most industries and sectors, according to the Friday report. The biggest gain was in leisure and hospitality, which rose 529,000 in July, accounting for one third of the gain in payrolls during the month.

Retail trade, professional and business services, health care, social assistance, manufacturing, and transportation jobs also gained in July. Construction jobs were little changed from a month earlier, and mining was the only sector to shed jobs in the period.

Source: Business Insider

Comments

Post a Comment

Popular posts from this blog

My Boss told me to Fuck off & I became a Fucker

Image
  “It is sometimes difficult to get rid of first impressions” said Sherrilyn Kenyon, best-selling US author. It was my first job, and as an ambitious, young, aspiring HR professional, I was trying my level, best to impress everybody at work, including my impudent boss. I liked my work, especially the challenges pertaining to the job. The only thing I could not adapt to, was the boorish treatment meted out by our boss to his subordinates. Human beings tend to make mistakes, and being a trainee, I also made a mistake at work, and in the presence of all my colleagues, my boss shouted at me “Fu…….off”. Humiliated and depressed, I went to the locker room with flooded eyes. One of my colleagues advised me that this is very normal in this company, and even though a rude person, our manager is very good at heart. Due to my personal commitments, I decided to stay in the company until I get a new job. Though despised to the core, I continued to listen to unpleasant phrases from him. I do not...
Read more

Should Succession Plan be a secret?

Image
  There are many organizations and HR Heads who believe that the succession plan should always be kept confidential and divulging the succession planning process to concerned employees can affect the organization negatively. In many companies, the succession planning process is a mystery and promotions are a surprise.  Even today many management professionals believe that revealing the succession plan to employees can destabilize the organizational harmony and team spirit. Is this belief a fact or just a disquiet? Should the management hide the succession plan from employees, thus paving way for prognostications and gossips?   Succession planning is an important strategic process, but the absence of transparency might lead some high-potential talents to quit the organization if they do not see the opportunity of formidable growth opportunities. Communicating the plan of advancement to employees will have a positive effect on their motivation to take up developmental objec...
Read more

Roopank Chaudhary rejoins Aon

Image
  As per the latest announcement, Roopank Chaudhary rejoins Rewards Solutions at Aon as the India Chief Commercial Officer, Head of its Mumbai Office and Head of the Financial Institutions practice.  Nitin Sethi, CEO, Performance Rewards and Organization Solutions at Aon India and South Asia, said, “I welcome Roopank back to Aon. Roopank is a seasoned and well-respected HR and Rewards leader. The India team has 300+ consultants, which includes 150+ from Performance, Rewards & Organization Consulting. Aon's Human Capital Practice is the largest and most tenured business in India. With over two decades of experience and expertise under our belt, we continue to experience growth. Our success story in India is thanks to the confidence of our clients across India Inc. and our leaders that continue to build our culture.” Roopank will be responsible for key client relationships, client development for all of Aon’s existing solutions, as well as new products and help position Aon ...
Read more