Payrolls increase by nearly 1.8 million, topping expectations despite coronavirus resurgence

from CNBC,

Nonfarm payrolls increased by 1.763 million in July and the unemployment rate fell to 10.2%. Both numbers were better than respective Wall Street forecasts of 1.48 million and 10.6%. Even with a three-month gain of 9.3 million workers either newly hired or back to their old jobs, the total employment level remained 12.9 million below its February level. “We still have a lot of wood to chop here, but we’re moving in the right direction,” said Michael Arone at State Street Global Advisors.

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