During the month of July, the United States economy generated a total of 528,000 new non-agricultural jobs, double what was expected by the market consensus, while the unemployment rate fell one tenth, to 3.5 %, reported the Bureau of Labor Statistics of the Department of Labor.
In this way, the net growth of employment in July accelerated substantially with respect to the 398,000 net jobs generated in June and the 386,000 in the month of May.
“Job growth was across the board, driven by gains in leisure and hospitality, professional and business services, and health care,” the Labor Department explained.
In the month of July, the unemployment rate fell to 3.5 %, with 5.7 million unemployed, thus returning to the levels prior to the Covid-19 pandemic.
Among the unemployed, the number of long-term unemployed fell by 269,000 people in July, to 1.1 million, which is equivalent to 18.9 % of the total unemployed. This measure has thus returned to its level in February 2020.
On his side, the number of part-time employees for economic reasons increased by 303,000 people, to 3.9 million. This increase reflected an increase in the number of people whose hours were cut due to lack of work or business conditions. The number of people employed part-time for economic reasons is down from its level of 4.4 million in February 2020.
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