U.S. Employers Hire 1.8 Million

(image courtesy: USDA/Lance Cheung)

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The U.S. economy added 1.8 million jobs in July even as a wave of new coronavirus cases forced most states, including Indiana, to put their reopenings on hold. A Ball State University economist says, however, more “worrisome elements remain.”

The payroll increase is still well below the 4.8 million jobs created in June. The U.S. Department of Labor says the unemployment rate fell to 10.2%, down from 11.1% in June.

“The high notes were that nearly 1.8 million jobs returned over the month, as those on temporary layoff returned to work,” said Michael Hicks, director of Ball State’s Center for Business and Economic Research.  “The composition of jobs was broad-based, affecting most sectors. The worrisome elements remain the certainty of undercounting of job losers, and the large declines in labor market participation.”

Hicks said permanent job losses continue to increase, but temporary losses appear to be nearly fully recovered.

The Labor Department said the economy has added 42% of the 22 million jobs it lost during the pandemic. There are still 10.6 million more out-of-work Americans than in February.