The July jobs report is 'unambiguously positive'


The U.S. economy added over 900,000 jobs in July, exceeding expectations and making for the strongest report since last summer.
The Labor Department reported Friday that nonfarm payrolls rose by 943,000 in July, as the unemployment rate fell to 5.4 percent, CNBC reports. This was higher than the roughly 845,000 new jobs that had been predicted by economists, who also forecast an unemployment rate of 5.7 percent. It was also the biggest gain in jobs since August 2020, according to CNN.
"This is an unambiguously positive report," Moody's Analytics chief economist Mark M. Zandi, said, per The Washington Post. "It's consistent with a booming economy, and economy that's roaring back from the pandemic recession."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The strong numbers come amid growing concerns over the spread of the more contagious Delta variant of COVID-19 in the United States. The survey that the jobs report was based on was taken in the middle of July, before some restrictions like mask mandates began to be reimposed again, The Wall Street Journal notes.
"Overall, the labor market appears to be making steady progress towards recovery," Glassdoor Senior Economist Daniel Zhao wrote. "However, storm clouds are on the horizon with outbreaks of the COVID-19 Delta variant rapidly spreading."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Recreation or addiction? Military base slot machines rake in millions.
Under the Radar There are several thousand slot machines on military bases
-
How is AI reshaping the economy?
Today's Big Question Big Tech is now 'propping up the US economy'
-
'Discriminating against DACA students'
Instant Opinion Opinion, comment and editorials of the day
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement