July jobs report shows gain of 1.8 million, unemployment rate falls

The U.S. economy continues to add jobs amid the coronavirus shutdown, but at a slower rated compared to May and June

Published: August 7, 2020 7:45am

Updated: August 7, 2020 11:40am

The U.S. economy added 1.76 million jobs in July, the Labor Department reported Friday. The number exceeds forecasters' projected 1.48 million gain but was significantly lower than the 4.8 million and 2.7 million job gains, respectively, in June and May. 

The new number suggests that economic recovery from the coronavirus has slowed, amid a recent resurgence of the virus, which became a worldwide pandemic in March.

The unemployment rate fell to 10.2%, a decrease from June's 11.1%, the department also reported Friday. 

Earlier this week, President Trump touted the vastly improved manufacturing numbers in July's ISM report, as well as a decrease in the numbers of first-time filers for unemployment insurance this week. New jobless claims, however, stayed above the 1 million threshold. 

Yesterday, the president, who is in the middle of a reelection bid, spoke in Ohio about the improving economic numbers. He talked about the pre-virus economy and his commitment to bolstering the American work force.   

Meanwhile, in Congress, efforts to negotiate a deal for a fourth coronavirus relief package are stalling out after hours and hours of only minimally productive meetings between Democratic leadership, top Republicans, and White House negotiators this week. Members left town yesterday and are not expected to return next week. 

The White House has been busy preparing a series of executive orders that could provide solutions to especially pressing problems, including the enhanced unemployment checks that many Americans are missing this week, and protection from eviction. 

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