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The July jobs report obliterated expectations: 528,000 net new jobs, when forecasters had expected 225,000. The U.S. has now fully recouped all the job losses from the COVID-19 recession. Gains were broad-based across all major industries. The unemployment rate ticked down to 3.5%, tying a 50-year low. Key measures of job seeker activity improved. Wage growth remained strong and steady. It’s a perfect 10 jobs report.
The COVID jobs deficit has been closed
It took two and a half years, but the U.S. labor market has finally recouped all the jobs lost during the COVID recession of 2020. The
