The US Bureau of Labor Statistics released this morning its July 2020 jobs report.
In its 3rd consecutive month of growth, the US economy added 18.M jobs and the unemployment rate dropped to 10.2%. But employment overall was down by nearly 13M jobs lost during the COVID-10 pandemic.
Largest employment increases occurred in:
- Leisure and hospitality (+502,000 jobs - but still down by 2.6M since February)
- Government (+301,000)
- Retail (+258,000 - nearly half in clothing stores)
The average nonfarm workweek increased to 34.5 hours, and the average hourly earning to $29.39.
Next update is scheduled to be released 4 September 2020.
