Economy added 1.8M jobs in July, unemployment at 10.2%
by Jay Heflin, Business Editor |
| August 07, 2020 08:30 AM
The economy gained 1.8 million jobs in July, lowering the unemployment rate to 10.2%, the Labor Department reported on Friday, as robust jobs growth has apparently slowed.
Forecasters expected about 1.5 million jobs to be added.
Before the pandemic, creating over a million new jobs in a single month would have been historic. In fact, the federal government, which began tracking jobs in 1947, never recorded a gain or loss of a million jobs in a single month until this year.
But with a staggering 22.1 million jobs lost in March and April and 5 million jobs created in May and June, Julyâ€™s jobs number is anemic and supports the notion that hiring has stalled.