Nonfarm payroll employment increased by 943,000 jobs in July, according to the Bureau of Labor Statistics, and the unemployment rate fell 0.5 percentage points to 5.4 percent. Although many had expected the gain in employment to top 1 million in the month, the increase still reflects a robust and growing economy. In addition, the job gains in May and June were revised upward to 614,000 and 938,000, respectively.
“Beyond the impact of the expanding economic reopening, as we expected seasonal factors turbocharged a surge in local educational employment and supported the ongoing recovery in leisure and hospitality,” reported Oxford Economics in a rapid reaction comment.
By employment category, the leisure and hospitality sector increased by 380,000 jobs, with two-thirds of the job ga