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  • JULY JOBS: US employers hire 1.8M despite new COVID-19 shutdowns

    JULY JOBS: US employers hire 1.8M despite new COVID-19 shutdowns

    The U.S. economy added 1.8 million jobs in July even as a wave of new coronavirus cases forced most states to pause or reverse their reopenings. The payroll increase reported Friday by the Labor Department was nonetheless well below the 4.8 million jobs created in June, the highest ever recorded. The unemployment rate fell to 10.2%, down from 11.1% in June.

    H/T: Fox Business

    “We have seen a very troubling increase in COVID-19 cases in many states that had reopened for business, but we continue to be cautiously optimistic that the overall U.S. economy has turned a corner, and that the solid job gains announced today will be sustained," said Tony Bedikian, managing director of Citizens Bank.

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