The economy is expected to have added about 845,000 payrolls in July, as America's workforce gradually rebuilds from sharp pandemic-induced job losses.
Job growth has not met the earlier expectations of economists, some of whom were predicting multiple months of million plus gains this spring and summer. Instead, employers are struggling with unfilled openings, and the situation is not expected to much improve until schools reopen and extended employment benefits expire in September.
"We're not going to know much about the equilibrium in the labor market until the jobs report comes out in October," said Schumacher. "I've been looking for a pretty healthy number, around 850,000 to 900,000, and a drop in the unemployment rate to around 5.7%," said Kathy Jones, Charles Schwab chief fixed income strategist. "The primary reason we're expecting a pretty big number is we're expecting some of the education jobs are coming back. July's a little early but we'll see some of those numbers. That could add 400,000 or so.
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