U.S. economy added 943,00 jobs in July, business and economic news

The US economy added nearly 9.5 million jobs in July, while the national unemployment rate fell to 5.4%.

The U.S. economy is recovering strongly. The latest report on the U.S. labor market shows that employment opportunities have increased and the unemployment rate has fallen.

The US Department of Labor said on Friday that employers in the world’s largest economy added 943,000 jobs last month. This headline figure is stronger than many economists expected.

The unemployment rate fell by 0.5 percentage points in July to 5.4%, and the number of Americans working or actively looking for work rose slightly from 61.6% in June to 61.7% in July.

This indicator, known as the labor force participation rate, has been a barometer of concern during the economic recovery, because although the number of job vacancies in the United States hit a record high, many workers who were unemployed during the pandemic are still on the sidelines.

Since February 2020, the labor force participation rate has remained within a narrow range of 61.4% to 61.7%.

Americans’ wages continued to rise last month, and the average hourly earnings of all employees in private non-agricultural employment increased by 11 cents to $30.54 – this is the fourth consecutive month of strong growth. The average hourly wage of workers in low-skilled, low-paying jobs has also risen — last month it increased by 11 cents to $25.83.

The U.S. Department of Labor said in a press release: “Data in recent months indicate that rising labor demand related to recovery from the pandemic may put upward pressure on wages.”