The July jobs report was universally hailed as a good one. But as the delta variant surges, there's worry the good news could be fleeting. Here are five takeaways from the July jobs report.
FILE - In this Thursday, June 24, 2021 file photo, A hiring sign is displayed outside a retail store in Buffalo Grove, Ill. Even in a July jobs report that was nearly universally hailed as a good one, pockets of weakness and concern are still clouding the celebration, Friday, Aug. 6, 2021.
The numbers in the report were certainly strong, with employers adding 943,000 more jobs to their payrolls than they cut, a better hiring performance than economists expected. The unemployment rate also dropped in another encouraging sign, down by half a percentage point from June to 5.4%. And many economists expect further improvements.
If case counts continue to worsen, customers could shy away from returning to stores, restaurants and other businesses. That could hit the number of jobs being offered. Worsening trends could also discourage potential workers from filling those job openings. The Fed has been keeping short-term interest rates at a record low of nearly zero to juice the economy after it fell into its coronavirus-caused recession. The central bank has also been buying $120 billion in bonds every month to help keep longer-term rates low. The moves have made it cheaper to borrow money, and prices across the housing and stock markets have jumped as a result.
Even with the gains, though, the number of jobs in the leisure and hospitality industries remain 10% below where they were in February 2020, before the pandemic crashed the economy.
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