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Unemployment rate hits new pandemic-era low as U.S. adds 943,000 jobs in July

Aug. 06, 2021 12:35PM EST
Dan Ackermann

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.

This story is breaking news. Please check back for updates.

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McConnell says Senate will vote on new small business relief funding before election

Senate Majority Leader Mitch McConnell (R-Ky.) issued a statement on Tuesday saying that the Senate's "first order of business" when it returns on Oct. 19 will be to vote on "targeted relief for American workers," including new funding for the small business Paycheck Protection Program (PPP).

Why it matters: House Democrats, Senate Republicans and the Trump administration are still very far apart on key elements of a relief deal, and any push for smaller, more targeted legislation is more of a political maneuver than any thing else.

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How central banks can save the world

The trillion-dollar gap between actual GDP and potential GDP is a gap made up of misery, unemployment, and unfulfilled promise. It's also a gap that can be eradicated — if central banks embrace unconventional monetary policy.

  • That's the message from Eric Lonergan and Megan Greene, two economists who reject the idea that central banks have hit a "lower bound" on interest rates. In fact, they reject the idea that "interest rates" are a singular thing at all, and they fullthroatedly reject the idea — most recently put forward by New York Fed president Bill Dudley — that the Fed is "out of firepower."

Why it matters: If Lonergan and Greene are right, then central banks have effectively unlimited ammunition in their fight to increase inflation and employment. They are limited only by political will.

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Government officials await Trump's next firing

Via Twitter

President Trump was enraged by a Wall Street Journal scoop that Attorney General Bill Barr worked "for months" during the campaign to conceal the federal investigation of Hunter Biden.

The state of play: The president is re-exploring options for replacing Barr, and Saturday morning tweeted this rebuke: "Why didn’t Bill Barr reveal the truth to the public, before the Election, about Hunter Biden[?]"

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