1.8 million jobs added in July.
The Department of Labor announced their findings of hiring in the month of July. Roughly 1.8 million jobs were added back into the economy last month, lowering the unemployment rate to 10.2%. However, readded jobs are not returning back to the market as quickly as they were in June. 22 million jobs were lost in March and April and only 42% of those jobs have been replaced so far.
The current unemployment rate still exceeds the highest point of the 2008 recession. The continued slow recovery highlights that things are improving from the worst point of the pandemic, but will likely have lasting economic impacts for years to come as positive test results for COVID-19 continue to run at 55,000 per day.
As the Lord Leads, Pray with Us…
- For God to help those who are out of work to find employment.
- For President Trump as he takes action to help the economic situation of Americans
- For the Labor Department to accurately measure the workforce in the U.S.
Sources: AP, Fox News, CNN
