Published Dec 5, 2020 6:00 pm EST
by Richard Cason,

   

 United States Non-farm payrolls push up by 1.8 million jobs for the month of July 2020. The Unemployment rate lowers to  10.2 percent, improving from the Junes Jobs report by .9 percent. according the U.S. Bureau of Labor and Statistics.  This would be the third consecutive month the rate of unemployment has decrease incrementally month over month.

Coronavirus (COVID-19) Effect on the U.S. Economy

The  COVID-19 story continues to evolve as the resurgence of virus rates in many major metropolitan areas across the U.S.  The primary States that are reporting these spikes are New York, Florida, California, Arizona, and Texas.

The principle reason for this spikes in people becoming infected with the virus may be from not following  the basic instructions administered by National Institute of Allergy and Infections Diseases; advising that people exercise proper social distancing, the wearing of masks in public places, and proper hand washing.

  The unemployment rate decrease in July 2020 to 10.2 percent due to focused effort to  manage the spread of the virus.  The U.S. Labor markets encountered a strong job insurgence in the leisure and hospitality, government, retail trade,  professional business services, and health care sectors according to the U.S. Bureau of Labor and Statistics. Approximately 1.3 million U.S. workers file for jobless claims over the last week.   

July 2020 Jobs report

According to the U.S. BLS the surge in various sectors throughout the Labor markets are reflected in July’s, employment data: leisure and hospitality rose by 26,000.  Construction employment also rose by 20,000 in July, Manufacturing employment increased by 26,000, Financial services increased by 33,000 jobs over  May’s numbers, Retail trade increased by 258,000 jobs. health care added 126,000 new jobs.  
 
  Many U.S. Economist where slightly off the mark but where in the ball park as it relates to economic jobs market data.  Most experts predicted that the economy would increase by  1.7 million jobs for the month of July 2020.  
 
The change in July’s 2020 NFP release employment revised down by  9,000 from 4,800,000 to 4,791,000 million. See the full story of previous June’s 2020 NFP numbers;  Non-farm payrolls surge by 4.8 million jobs for the month of June 2020, Unemployment Lowers to 11.1% for June 2020.

JULY U.S. Non Farm Payrolls Jobs Report (JUL 2020)

NewsmovemarketsForex Logo
Time EventActualForecastPrevious
Friday, ,JULY 3, 2020
08:30 USANonfarm Payrolls (JUNE)4,800K3,000K-2,699K
08:30 USAUnemployment Rate (JUNE)11.1%12.7%13.3%
08:30 USA Private Nonfarm Payrolls (JUNE)4,767K2,900K3,232K
08:30 USAParticipation Rate (JUNE)61.5% 60.9%
High Volatility Expected

 

  • Revisions:   With these revisions, total nonfarm payroll employment for May revised up by 26,000  May and June combined were 17,000 higher than previously reported.   

 Reference:   U.S. Bureau of Labor and Statistics. (2020). Employment Situation Summary Retrieved                     from   https://www.bls.gov/news.release/empsit.nr0.