Employment rises 1.8 million in July 2020

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.

1. Construction: +20,000 jobs

2. Durable Goods: +15,000 jobs

3. Food Manufacturing: +11,000 jobs

4. Manufacturing: +26,000 jobs

5. Paper and Printing: +2,700 jobs

6. Trade and Utilities: +291,000 jobs

7. 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

1. July 2019: 3.7%

2. May 2020: 13.3%

3. June 2020: 11.1%

4. 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.