The unemployment rate continued to decline in July in the United States, despite much less job creation than in June due to the resurgence of Covid-19. The US economy created 1.8 million jobs in July, much lower than the 4.8 million jobs created in June, the Labor Department said yesterday.
The unemployment rate is still falling, from 11.1% in June to 10.2% in July. It is now a long way from April’s 14.7%, but still well above February’s 3.5%, its lowest for 50 years. This rate “will probably not decrease much” before the presidential election of November 3, “and unemployment will remain close to 10%”, anticipates Ian Shepherdson, chief economist at Pantheon Macroeconomics.
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The unemployment rate continued to decline in July in the United States, despite much less job creation than in June due to the resurgence of Covid-19. The US economy created 1.8 million jobs in July, much lower than the 4.8 million jobs created in June, the Labor Department said yesterday.
The rate of…
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