Key Highlights from the July BLS Jobs Report
The Bureau of Labor Statistics (BLS) released updated employment data for the month of July, showing the economic recovery following the nationwide shutdowns related to COVID-19 is slowly continuing. During the month of July, the BLS reported 1.8 additional jobs were added back to the economy. Since the start of the COVID-19 downturn, the U.S. economy remains down 12.8 million jobs since experiencing record-low unemployment in February 2020.
While July activity was 3 million jobs short of the 4.8 million roles added in June, it was still better than economists were forecasting, due to COVID-19 shutdowns resulting from outbreaks across the southeast, midwest and western states. Although cases remain high, promising signs of recovery continue with both full-time and part-time employment numbers.
In July, part time employees rose by 803,000 to 24 million, while full time workers remained relatively flat at 119.5 million, showing some stability for salaried employees and growth from part-time roles needed by businesses. The results of the forecasting have the unemployment number at 10.2% – slightly higher than the Great Recession of 2008 – 2009. While millions of workers remain furloughed or unemployed, the overall