by Calculated Risk on 8/05/2022 10:38:00 AM

Today we celebrate the recovery of all the jobs lost in 2020, and the unemployment rate matching the lowest level since 1969.

The headline jobs number in the July employment report was well above expectations, and employment for the previous two months was revised up by 28,000, combined.   The participation rate decreased slightly, and the employment-population ratio increased slightly. The unemployment rate declined to 3.5%.

Leisure and hospitality gained 96 thousand jobs in July.  At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.20 million jobs, and are now down 1.21 million jobs since February 2020.  So, leisure and hospitality has now added back about 85% all of the jobs lost in March and April 2020. 
Construction employment increased 32 thousand and is now 82 thousand above the pre-pandemic level. 
Manufacturing added 30 thousand jobs and is now

Keep reading this article on Bill McBride - Calculedriskblog.

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