The nation saw an increase of more than 943,000 jobs in July, marking the fastest pace of employment growth so far this year.
According to the most recent Department of Labor statistics, this means that the unemployment rate in July fell to 5.4%, down from 5.9% the month before.
The job gain numbers are being hailed as a sign of a general economic recovery. The latest Labor report, says the Wall Street Journal, “shows that the U.S. economy is facing any threat posed by the Delta variant with a strong tailwind.”
“The American economy roared into midsummer with a strong gain in hiring, overcoming trouble in matching workers with openings, as the recovery appeared to take firmer hold,” remarked the New York Times.
The leisure and hospitality industries saw a gain of 380,000 new jobs in the last month, with school employment up by 221,000. Employment in the warehouse and transportation sector, meanwhile, posted a 50,000 gain.
The construction industry, at the same time, was up by 11,000 jobs, although nonresidential construction employment is still significantly below where it was before the Covid 19 outbreak.
In fact, employment was off by some 2,100 in civil engineering and heavy construction firms.
In a statement analyzing the latest Labor Department numbers, Ken Simonson, chief economist with the Associated General Contractors of America, said several factors continue to contribute to the industry’s somewhat flat employment gains.
“Contractors are plagued by soaring material costs, long or uncertain delivery times, and hesitancy by project owners to commit to construction,” he remarked.
By Garry Boulard
