U.S. | July’s employment report reaffirms recovery ongoing

Summary

Today’s labor market report once again showed that the economy is on the mend. However, this environment creates more complexity for Congress, as it supports arguments from both sides of the aisle. That said, Fed officials will continue to take additional steps as it transitions from “stabilization” to “accommodation”.

Key points

• Key points:
• Nonfarm payrolls increased by 1.8M, after growing a revised 4.8M in June and 2.7M in May
• The unemployment rate declined to 10.2%
• Near ubiquitous improvement across industries
• Minorities, women and younger workers continue to be disproportionately impacted by the pandemic

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