US jobs growth beats forecast and unemployment falls in sign of continuing economic surge
The International Monetary Fund expects American output to grow 7% this year, its fastest pace since 1984, although the outlook has been complicated with a resurgence of coronavirus cases caused by the spread of the highly contagious Delta variant.
Friday 6 August 2021 17:24, UK
Restaurants and hotels led the jobs charge last month
Jobs growth in the US exceeded expectations last month while unemployment fell in a further sign the economy continues to bounce back from the turmoil of the coronavirus pandemic.
So-called nonfarm payrolls increased by 943,000 in July, official employment figures showed, which was above the 860,000 forecasted by economists.
Employers are advertising jobs faster than applicants can fill them. Pic: AP
The number of people who reported they had jobs surged by one million, pushing the jobless rate down to 5.4% from 5.9% in June.
Last month, 261,000 people returned to the jobs market.
Scrambling to find workers as business recovered and came back, companies have raised wages, with average hourly earnings up 4% last month compared to a year earlier.
Like in other countries, the COVID-19 crisis triggered a brief but intense recession in the US last spring, forcing businesses to shut down and people to stay at home.