Two months of record-setting payroll growth slowed in July but was still better than Wall Street estimates even as a rise in coronavirus cases put a damper on the struggling U.S. economy.
Nonfarm payrolls increased of 1.763 million for the month. The unemployment rate fell to 10.2% from its previous 11.1%, also better than the estimates from economists surveyed by Dow Jones. An alternative measure that includes discouraged workers and the undermployed holding parttime jobs for economic reasons fell from 18% to 16.5%.The consensus was for growth of 1.48 million and an unemployment rate of 10.6%.
However, there were wide variations around the estimates as the pandemic's resurgence dented plans to get the shuttered U.S. economy back online. Forecasts ranged from a decline of half a million jobs to a rise of 3 million. May and June saw a combined increase of more than 7.5 million, the fastest two-month rise in U.S. history.
The reason for those big gains, though, was the return of displaced workers who were laid off as the nation sought to stave off the Covid-19 spread. Though bars and restaurants have struggled to cope with restrictions brought on by the pandemic, leisure and hospitality led the month with a growth of 592,000 jobs, with 502,000 of those coming in eating and drinking establishments.
Double digits is all you need for the depression tag. Congratulations, America! How’s your Sturgis rally doing btw? We Killin it there yet?
Congratulations now there's only about 40 million people unemployed. Ridiculous.
🤔
Whoever came up with the expected numbers should be fired.
Buckle up kids, it’s gonna be bumpy.
10%!!! 10%!!! Better than expected? How is this good in any way!!!!
Still just horrible.
Interesting to see how the PPP multi-million dollar FREE loans were a big enough incentive to hire back the employees you laid off to avoid paying them back.
Context, please. We all want to be positive, but we need reality as a partner. Thank you.
Yup mid pandemic and the unemployment rate is the same as it was 2008 - 2014
these numbers are meaningless when it comes to the trump regime
All 10%, and the other millions not counted (like just graduated college students) should be plotting to burn down your MAGAt propaganda network to prevent your vile attacks on their lives
Wow, Obama’s unemployment ’s are roughly the same as a locked down America during pandemic? Yikes. Not good visuals.
When in the hell did we start celebrating 10+% unemployment... remind me what unemployment was when Trump took office?... WTF has CNBC become?
Drugs Suck
🤦🏼♂️ better than expected.
Haven't done the math but if 40 million unemployed, now does adding 1.7 million jobs drop unemployment around 4%?
Meanwhile the Bureau of Labor gets its numbers by polling 60,000 households. And it doesn't ask if people are unemployed. And it 'weighs' each answer differently based on internal settings. The unemployment rate is much higher than 10%. Basic match will tell you that.
Dead cat bounce.
You’re really going to fall for this AGAIN
Everything is better than expected huh...? Nonsense... All cogs in this corruption... Stock market is just a casino placing bets with Fed money. Any selloff would come from the federal reserve now. This is why we don't see one.
Artemis888Infin That’s because business have closed not due to people getting jobs.
Bullshit
So what? Over 5 million first time new unemployment claims filed in July! Economy will crash as result Trump, Meadows and Mnuchin stupidity ... every $200 cut in $600 unemployment results in $150 billion consumer spending loss and a holiday retail sales bankruptcy disaster.
People returning to their jobs
So unemployment that matches the Great Depression is our goal now...
When are we going to find out they fudged the numbers again? A week? Two weeks? Next month?
BETTER than expected? These are NOT NEW JOBS!!!
That’s good. But it was manly bar and restaurant jobs, many are having to close again in many states bc the hasty reopening. This may give reason for Moscow Mitch to not give the $ Democrat’s are asking for tho.
No worries Trump is on top of it.
that's one way to spin it. What is the average wage of these 1.8 million jobs?
Meanwhile people are still losing their jobs, becoming politically homeless, GDP fell over 30%, and millions still filing for unemployment. Why is Trump celebrating this?
BringCyndiHome Please help my family bring my younger sister home to lay her to rest in peace. Every dollar matters and is appreciated. If you cannot afford to donate, please RT and share across platforms. My family is devastated and needs your help.
Do you a- holes remember that 3.5 TRILLION was put into the economy in April? Some good came out of that. Obama was reelected with unemployment at 8 percent. We're headed there.
Satan just called: He wants Trump back again.
So when does the corporate liberal media pivot and start crediting Nancy Pelosi and Chuck Schumer for the jobs recovery? JobsReport
What a load of nonsense for an audience of one.
The great recession was caused by piss poor policies such as subprime lending and NAFTA that fucked us over for 2 decades plus. And then bailouts and 'jobs' bills that paid off union supporters and obama donors. this recession is caused by a foreign born global pandemic.
Where is the caption just like great recession in 2008 for 2020? damn, show some consistency and be fair to your readers!
Whoopdy doo. Unemployment 'fell' to 10.2% That is horrible. Trump has driven Obama's growing economy into the abyss.
Just wait two weeks when all these people forced back to work are dead cause Trump can’t get this pandemic under control like every other country did!
Thank you, Mr. President.
And there's still millions unemployed. Plus we just had the worst quarter of production on record a few days ago publicized. Stop with the misleading headlines and actually EXPLAIN the falling unemployment rate! Jobs are NOT being created!
At this point, I wouldn't believe a word coming out of the tRump admin. They have lost all cred.
Why are these figures always 'better than expected?' This seems odd to me in the middle of a pandemic. You would think one month would be worse than expected given the odds. I still think there are confounding inaccuracies in how people classify themselves.
Smoke and mirrors..we all know this is a pretend analysis of the true unemployment rate. But if it makes USDOL feel better; it’s not honest
It's pretty scary that over 10% is considered better than expected. It didn't have to be this bad. TrumpVirus
Remember when Don said these were fake numbers when he was running 3-1/2 years ago?
Morning_Joe And just think how good these numbers would be if the Democrats were not deliberately attempting to destroy the economy to defeat Trump.
Morning_Joe I don't believe anything that comes out of the federal government on jobs. They lie about everything. Please don't respond with the bullshit about dedicated civil servants. Last month they admitted the numbers were bullshit before the end of the day they were published.
Morning_Joe And lost over a million last week
Morning_Joe
Morning_Joe Why are they talking about jobs? Don’t democrat loyalist in the news know this is a election year? A Republican is in this WH we have to destroy the economy, print money raise the debt blame him? While we are the ones doing it
Morning_Joe I can see the producers now for this show “ how and why would you put this on? It’s a positive story we can’t do this for Trump” but we can always spin it say “ but it’s still not enough”
Lol we didn’t gain anything, people were forced to go back to work bc of idiotic “reopening”
Great news. The American comeback is underway. Let's keep it up guys, we can do this together.
azzclowns on CNBC wrong again
Is there still PPP in this one?
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