Employment stats released by the U.S. Bureau of Labor Statistics showed a promising increase in employment in July. The total non-farm payroll reported an increase of 1.8 million jobs (which accounts for a 0.9% decrease in unemployment).
There were notable gains in month over month employment for leisure and hospitality, government, retail trade, professional and business services, other services and health care.
- Construction: +20,000 jobs
- Durable Goods: +15,000 jobs
- Food Manufacturing: +11,000 jobs
- Manufacturing: +26,000 jobs
- Paper and Printing: +2,700 jobs
- Trade and Utilities: +291,000 jobs
- Transportation and Warehousing: +37,900 jobs
We are beginning to see a steady decrease in unemployment providing many with hope that they will return to work after COVID-19. Comparing stats year-over-year we can see a long way to go.
Unemployment by Month
- July 2019: 3.7%
- May 2020: 13.3%
- June 2020: 11.1%
- July 2020: 10.2% (-0.9%)
It is however important to note that 1.8 million net new jobs were not created, many simply returned to work.