The U.S. economy added 943,000 jobs in July, while the unemployment rate fell from 5.9% to a new pandemic-era low of 5.4%.

Why it matters: It’s the biggest hiring spree in months as the labor market makes strides to full recovery.

• Economists expected the economy to add around 850,000 jobs, though estimates varied widely from as low as 350,000 to as high as 1.2 million.
• The government’s jobs survey occurred in mid-July — and therefore doesn’t fully reflect possible effects from the recent surge in COVID-19 infections from the Delta variant.

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