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U.S. Job Growth Accelerated in July, Unemployment Rate Falls

Economic IndicatorsAug 06, 2021 08:36AM ET
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© Bloomberg. A worker mills wooden boards at Harold White Lumber in Morehead, Kentucky. Photographer: Luke Sharrett/Bloomberg

(Bloomberg) -- U.S. job growth accelerated in July by the most in almost a year and the unemployment rate declined, illustrating additional momentum for the labor market still grappling with hiring challenges.

Payrolls climbed by 943,000 last month after an upwardly revised 938,000 increase in June, a Labor Department report showed Friday. The median estimate in a Bloomberg survey of economists called for a 870,000 gain. The unemployment rate dropped to 5.4%.

Follow reaction in real-time here on Bloomberg’s TOPLive blog

Government payrolls added 240,000 jobs to the headline figure. Private payrolls posted a steady gain.

A resurgence in economic activity has sparked a surge in labor demand -- particularly in the leisure and hospitality industry -- since the beginning of the year. At the same time, payrolls remain well short of pre-pandemic levels and many employers have struggled to fill a record number of vacant positions.

The figures mark another step toward the Federal Reserve’s goal of “substantial” further progress in the labor market recovery. Fed officials including Chair Jerome Powell and Governor Lael Brainard have indicated the labor-market recovery had some way to go before the central bank could begin tapering asset purchases.

Fed Governor Christopher Waller said this week that if the next two monthly employment reports show continued gains, he could back such a move.

©2021 Bloomberg L.P.

U.S. Job Growth Accelerated in July, Unemployment Rate Falls
 

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Comments (12)
perplexed76 .
perplexed76 . Aug 07, 2021 4:01AM ET
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"particularly in the leisure and hospitality industry" the same words every months.
MD Shahin Khan
MD Shahin Khan Aug 07, 2021 3:45AM ET
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jason black
jason black Aug 06, 2021 2:06PM ET
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MSM propaganda makes zero sense anymore, no wonder why approval is at historic lows below 30%...here are two actual article titles both on the front page of this website at the exact same time: "S&P 500, Dow Remain Near Records as Cyclicals Gain on Stronger Jobs Report" "Wall Street muted on jobs growth as inflation, Delta fears weigh"
Houenon Michel
Houenon Michel Aug 06, 2021 2:06PM ET
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재형 유
재형 유 Aug 06, 2021 2:06PM ET
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Agreed
Steven Kemp
Steven Kemp Aug 06, 2021 12:56PM ET
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yeah the job growth is from states that did away with freebies and now people went back to work
Kevin Brown
Kevin Brown Aug 06, 2021 12:56PM ET
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well the data show employment went up in areas with unemployment still intact so theres goes that notion. lol
Kevin Brown
Kevin Brown Aug 06, 2021 12:56PM ET
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well the data show employment went up in areas with unemployment still intact so there's goes that notion. lol
Kevin Brown
Kevin Brown Aug 06, 2021 12:56PM ET
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well the data show employment went up in areas with unemployment still intact. there's nothing to support that notion.
Kevin Brown
Kevin Brown Aug 06, 2021 12:56PM ET
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the data show employment went up in areas with unemployment still intact. there's nothing to support that notion.
Houenon Michel
Houenon Michel Aug 06, 2021 12:56PM ET
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Abhilash Kurian
Abhilash Kurian Aug 06, 2021 12:22PM ET
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So , Now Fed has to stop Bond buying....so sad
Joel Schwartz
Joel Schwartz Aug 06, 2021 11:06AM ET
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Someone tell the FED to stop buying bonds every month.
ben sc
ben sc Aug 06, 2021 11:06AM ET
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they can't, they're buying all the treasuries and mbs. if they don't buy the fun in DC stops and we've got donors to repay!
Mike ND
Mike ND Aug 06, 2021 9:30AM ET
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Bye Bye Gold 📉
James Johannsen
James Johannsen Aug 06, 2021 9:30AM ET
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silver will out perform gold but either works
TheEnd IsNigh
TheEnd IsNigh Aug 06, 2021 9:13AM ET
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That's it! Pandemic emergency over with! Everyone back to normal. Go to packed concerts, get your hair cut by your barber so you don't look like a hobo anymore, spend money like no tomorrow, and eat out at restaurants every night! Don't forget to tip your server 50% so they can survive the economic destruction and skyrocketing inflation. Life is good again. Nothing to worry about anymore. Let's keep this casino going!
Jon Bal
Jon Bal Aug 06, 2021 9:13AM ET
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thank you for the advice.  I just now applied for limit increases on all my credit cards
ogun olufemi
ogun olufemi Aug 06, 2021 9:13AM ET
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Spend as if there is no tomorrow. Never say never.
Chris Ru
Chris Ru Aug 06, 2021 9:13AM ET
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I skipped the limit increases and just opened 4 new cards
Jermaine .A
Jermaine .A Aug 06, 2021 9:02AM ET
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A bunch of states ended the generous unemployment and people went back to work in droves.Don't need an econ degree to see that coming.....
John Healy
John Healy Aug 06, 2021 9:02AM ET
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Now... make em pay rent!
tim banks
tim banks Aug 06, 2021 9:02AM ET
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states that ended benefits early are not getting jobs back faster so thats a lie.
alome clement
alome clement Aug 06, 2021 9:02AM ET
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nice one
Franco Dominguez
Franco Dominguez Aug 06, 2021 9:02AM ET
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there is not an excellent % but its ok for me and plis ur wassap to discuss future issues
christos rousakis
christos rousakis Aug 06, 2021 8:53AM ET
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only party in america ha ha ha
Franco Dominguez
Franco Dominguez Aug 06, 2021 8:50AM ET
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now there is no excuses Powell the next week hike the RATES
Kurt Maxberry
Kurt Maxberry Aug 06, 2021 8:46AM ET
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No ******sherlock.
 
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