JUST IN: U.S. economy added 943,000 jobs last month, exceeding the estimated 850,000. July's jobs data was gathered before the delta variant began to surge — indicating that more turbulence could be ahead, economists say.
The official government data came after payroll processor ADP’s monthly tally of private-sector job growth fell far short of expectations when it was released Wednesday.The economy added 943,000 jobs in July, the Bureau of Labor Statistics said Friday, compared to analysts’ expectations of 850,000 positions added. It's the biggest monthly gain since August 2020.
ADP Chief Economist Nela Richardson characterized it as a “marked slowdown” in a news release and blamed more virulent Covid-19 variants and bottlenecks in labor supply making it harder for employers to add workers. While baby boomers aging out of the workforce is a secular trend that has existed for years, Covid-19 kicked it into high gear. Onefrom The New School’s Schwartz Center for Economic Policy Analysis found that the pandemic forced 1.7 million Americans into early retirement — many of them in populations the Schwartz Center characterized as “vulnerable:” Black workers and those without college degrees were most likely to drop out of the workforce.
A recent study found that states axing benefits saw unemployment decline by roughly 1 percent, while states retaining benefits saw an increase of 2.3 percent. As companies with large numbers of hourly employees have been forced to compete for a smaller pool of prospective workers, wages have risen, especially at the bottom of the income spectrum. Wall Street remains concerned about the implications this wage growth presents for policies that could cool down the economy.
An even greater worry, though, is the alarming uptick in Covid-19 cases, with the highly contagious delta variant driving tens of thousands of new cases on a daily basis.
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