Will Delta dent the economic recovery?

The July jobs report showed a vast improvement

Hiring.
(Image credit: Mario Tama/Getty Images)

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"America is getting back to work," said Neil Irwin at The New York Times. The latest figures from the Labor Department showed that 943,000 jobs were added in July, a vast improvement over the average increase of 567,000 in the prior three months. The unemployment rate dropped by half a percentage point to 5.4 percent, a figure that "not too long ago would have prompted quite a few economists and central bankers to declare 'Mission: Accomplished.'" A particularly good indication of the rebuilding economy is that the number of long-term unemployed (those out of work for six months or more) decreased by 560,000, the biggest drop since the pandemic began. "Despite all the headaches businesses are reporting in trying to attract workers, employers and workers really are connecting with each other at a pace not seen in recoveries from the previous three recessions."

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