July jobs report shows improvement, but still not back to pre-pandemic normal
By Jenny Goldsberry
The US jobs report came out Friday demonstrating a 943,000 increase in jobs and 5.4% in unemployment. While the data isn’t still back to pre-pandemic norms, jobs have steadily increased since January. The Dow Jones estimated fewer jobs and a higher unemployment rate.
First, of all non-farm jobs, the leisure and hospitality industry did best in July. It added 380,000 positions. As a result of COVID-19 restrictions ending, 253,000 of those came from bars and restaurants. The industry also did exceptionally well in May.
“More jobs than have been created in the first four months in any presidency in modern history.” Conveniently, he left out the historic job losses that happened leading up to his inauguration.
Back in May, President Biden responded to disappointing numbers. Then, Biden blamed the number on vaccination rates, since the data was collected during the first week in May. Back then, Biden said, the vaccination rate for adults was only 35%. By the end of May, it was reported to be at 63%. Now, the vaccination rate has reached 70%.
“We’re now the first administration in history to add jobs every month of our first six months in office,” Biden tweeted Friday. It’s a talking point he’s said in previous months as well. However, the historic job losses leading up to his inauguration should also be taken into consideration.
Meanwhile, two years ago in July, the unemployment rate was 3.7%. Yet there were only 164,000 jobs created then. Just last year over the US saw 1.7 million new jobs in July. But 10.2% of Americans were unemployed.
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