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U.S. economy adds 1.8 million jobs in July

The U.S. added 1.8 million jobs last month, while the unemployment rate fell to 10.2% from 11.1% in June, the Labor Department said on Friday.

Why it matters: The pace of job growth slowed significantly, suggesting a stalled recovery as coronavirus cases surged and states pulled back on reopening plans.


The big picture: Private sector data — including credit and debit card spending and other indicators — pointed to signs of a hiring slowdown after June’s 4.8 million job gain.

  • There was a rush of hiring after initial lockdown orders were lifted, but the U.S. labor market remains in the hole: roughly 21 million jobs were lost between March and April.

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