WASHINGTON: The recovering US economy scored a big jobs gain in July, which President Joe Biden said on Friday was further evidence his policies have been successful.
With widespread vaccinations allowing the world's largest economy to begin to return to normal, hiring has accelerated after several months of disappointing results, but remains 5.7 million jobs short of its pre-pandemic level, the Labor Department said.And the gain in June was revised sharply higher than the original report, to show an increase of 938,000 non-farm payroll positions, seasonally adjusted, and the result for May was also revised up, according to the report.
But Biden said the country was better able to deal with the current outbreak than previous ones because of vaccinations. Half of the US population is now fully inoculated against COVID-19, the White House announced separately Friday.With restaurants, bars and hotels opening their doors, the biggest the gains in hiring in July came in the leisure and hospitality sector, which increased 380,000, the report said.For black workers, the jobless rate fell a full point from the prior month to 8.
That shortage has been acute in the construction industry, which added just 11,000 positions, while manufacturing rose by 27,000. Rubeela Farooqi of High Frequency Economics said"expiration of unemployment benefits combined with ongoing vaccinations should result in an easing of supply shortages".The jobs recovery brings closer the time when the Federal Reserve will start to ratchet back its massive stimulus efforts that have supported the economy.
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