BREAKING: The U.S. added 943,000 jobs in July, beating expectations. The unemployment rate dropped to 5.4%.
Hiring rose in July despite fears over Covid-19's delta variant and as companies struggled with a tight labor supply, the Labor Department reported Friday.
Nonfarm payrolls increased by 943,000 for the month while the unemployment rate dropped to 5.4%, according to the department's Bureau of Labor Statistics. Economists surveyed by Dow Jones had been looking for 845,000 new jobs and a headline jobless rate of 5.7%.The drop in the headline unemployment rate looked even stronger considering that the labor force participation rate ticked up to 61.7%, tied for the highest level since the pandemic hit in March 2020. A separate calculation that includes discouraged workers and those holding jobs part-time for economic reasons fell even further, to 9.2% from 9.8% in June.
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