In one of the most convincing signs yet that the national economy is recovering from the Covid-19 economic doldrums, the Bureau of Labor Statistics is reporting that more that more than 528,000 new jobs were created in July.
The number is the largest single-month gain since the onset of the pandemic in the spring of 2020, fueling an unemployment rate of 3.5%, that is now also the lowest recorded since February 2020.
The job gains were seen in a broad swath of sectors, especially in the areas of health care, with 122,000 new jobs; and the hospitality industry, up by 74,000 additional jobs.
Construction employment, meanwhile, saw a gain of 32,000 new jobs, with specialty contractors adding 22,000 jobs. The BLS also noted that “transportation and warehousing added 21,000 jobs in July.” The report added: “Employment in transportation and warehousing is 745,000 above its February 2020 level.”
The job numbers offer a counter narrative to stories emphasizing the recessionary nature of this summer’s economy. The Washington Post called the 528,000 new jobs a “stunning figure that reflects an economy well recovered from the pandemic.”
The Wall Street Journal said the new jobs are serving to help the economy “recoup the 22 million positions lost early in the pandemic as hirers clamored for workers despite a slowdown in economic growth.”
In a statement from the White House, President Biden said that not only are there more people working today than during the recession, “there are more people working in America than any point in American history.”
By Garry Boulard
