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U.S. Economy Adds 1.8 Million Jobs in July – Unemployment Rate Falls to 10.2%

  • Nonfarm payrolls increased by 1.763 million in July and the unemployment rate fell to 10.2%.
  • Both numbers were better than respective Wall Street forecasts of 1.48 million and 10.6%.

Two months of record-setting payroll growth slowed in July but was still better than Wall Street estimates even as a rise in coronavirus cases put a damper on the struggling U.S. economy.

Nonfarm payrolls increased 1.763 million for the month. The unemployment rate fell to 10.2% from its previous 11.1%, also better than the estimates from economists surveyed by Dow Jones. An alternative measure that includes discouraged workers and the undermployed holding parttime jobs for economic reasons fell from 18% to 16.5%.

The consensus was for growth of 1.48 million and an unemployment rate of 10.6%.

However, there were wide variations around the estimates as the pandemic’s resurgence dented plans to get the shuttered U.S. economy back online. Forecasts ranged from a decline of half a million jobs to a rise of 3 million. May and June saw a combined increase of more than 7.5 million, the fastest two-month rise in U.S. history.

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News Aggregate Contributor

KY Stargazzer

Certified news nut hobby songwriter/poet, writer, & citizen journalist. From the Bluegrass State of Kentucky. Home of the Kentucky Derby and best bourbon in the world.  I enjoy anything astronomy, space program, into all sports, and all forms of music. I enjoy people, humor, and good conversation. And I support Donald Trump and make no excuses for it!

KY stargazer
2020-08-07T13:30:45+00:00
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