The US economy added 1.8 million jobs in July amid the covid-19 pandemic, ignoring economists’ forecasts of 1.5 million new jobs in a survey by Bloomberg.
With new employment figures, the unemployment rate in the country now decreases and comes down at 10.2%, shows the latest report from Bureau of Labor Statistics out on August 7.
The addition in payroll marks the third straight months of job gains in the USA labor force and shows a bit signs of recovery from recession due to the pandemic.
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According to the report, the coming down of unemployment rate to 10.2% in July is lower than the 10.6% expected by economists in the survey. It was also down from 11.1% in May. The unemployment rate being 14.7% in earlier month was the highest since the Great Depression of the 1930s.
On the other hand, the total number of infections of the novel coronavirus in the USA is now close to 5 million.
According to Johns Hopkins University, the country has now at least 4,941,755 cases of Covid-19 since the first case of coronavirus was detected on January 21.
The death toll from the virus now stands at 161,347 with another 1,243 fatalities recorded on August 7 local time.