The United States added 943,000 jobs in July, subsequently bringing the unemployment rate down to 5.4 percent.
The uptick in employment and jobs outpaced analyst’s predictions and provides a positive outlook for the economy. “If the pace of hiring over the last three months continues, all jobs lost due to the pandemic would be regained in seven months,” Leslie Preston, senior economist at TD Economics, wrote in a research report. “However, the pace is likely to cool a bit and the risk of the delta variant looms.’’
However, the Labor Department collected data for its July report prior to updated COVID-19 recommendations by the Centers for Disease Control and Prevention (CDC), which succeeded the ongoing national surge in Delta variant cases.
“The next 10 to 14 days are going to be critical to try to get it under control,’’ said Labor Secretary Marty Walsh. “We need to get more people vaccinated. Where there are mask mandates in place, we need to follow that.” New COVID-19 policies, from potential lockdowns to vaccine health passes, threaten to stagnate the US economy once again.
ARTICLE: ANTOINETTE AHO
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: CBS NEWS
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