U.S. Economy's Rapid Recovery Continues
1.8 million jobs were added in July as the unemployment rate continues to drop.
The jobs numbers for July came out Friday, and the report shows that the COVID-damaged economy is rapidly rebounding. There were 1.8 million jobs added in July, as the headline unemployment rate dropped to 10.2%, down from April’s high of 14.7%. In short, the U.S. economy has now regained 42% of the jobs lost from the pandemic shutdown. We’re not exactly in a “V”-shaped recovery, but things are looking up.
The economic sectors seeing the largest gains are leisure and hospitality with 592,000 jobs added, of which restaurants and bars contributed 502,000. Another 258,000 jobs were added in retail, while healthcare added 126,000 and manufacturing added 26,000.
CNBC reported, “Unemployment fell across demographics, with the rate for Whites going from 10.1% to 9.2%, Blacks falling from 15.4% to 14.65% and the rate for Hispanics moving from 14.5% to 12.9%.” Furthermore, hourly wages have risen 4.8% from this time last year.
While it’s clear the recovery still has a long way to go, most indicators are pointing in the positive direction — even with the ongoing coronavirus-induced restrictions slowing the pace, just as Democrats desire. The prospect of third-quarter GDP growth hitting a record high is now a genuine possibility, if not probability, which could prove to be a boon for President Donald Trump given that the numbers would come out mere weeks before the election.