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US Adds 1.8 Million Jobs in July
By The Associated Press
WASHINGTON - The United States added 1.8 million jobs in July. The unemployment rate declined in July from 11.1% to 10.2%.

The numbers exceeded economists' forecast of 1.6 million new jobs, and an unemployment rate of 10.6%

The economy has now recovered about 42% of the 22 million jobs it lost to the pandemic-induced recession, according to the Labor Department’s jobs report released Friday.

The economy is struggling to emerge from the recession that caused the economy to shrink at a nearly 33% annual rate in the April-June quarter, the worst quarterly fall on record. Employers slashed their work forces, consumers cut spending and corporations pulled back on investment and expansion.

The economy has since started to grow again, and many economists have forecast a solid rebound in the July-September quarter.

“The real surprise in this report is that the number of permanent job losers held roughly steady in July from June. That means for every person laid off with no expectation of being recalled between June and July, someone else who had been permanently unemployed was hired,” said Betsey Stevenson, professor of economics at the University of Michigan and former chief economist at the Labor Department.


 


Published 08:05 AM, Friday Aug. 07, 2020
Updated 09:35 AM, Friday Aug. 07, 2020

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