News

Economy & Business

U.S. Adds 1.8 Million Jobs, Unemployment Drops to 10.2 Percent

People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus, at an Arkansas Workforce Center in Fort Smith, Ark., April 6, 2020. (Nick Oxford/Reuters)

The U.S. unemployment rate dropped from 11.1 percent to 10.2 percent in July, beating economists’ predictions even as many states have paused or reversed their reopenings in light of coronavirus case spikes.

Employers added 1.8 million jobs in July, according to the Labor Department’s Friday jobs report, a significant slowing down from the 4.8 million jobs created in June, which was the highest recorded. While the economy has recovered 42 percent of the 22 million jobs it lost during the pandemic over the past three months, there are still 10.6 million more unemployed Americans today than there were in February.

Economists had expected unemployment to drop to 10.5 percent and for the economy to have added 1.6 million jobs in July, according to a survey by Refinitiv. 

“While these numbers are a bit better than forecast, there still isn’t much to be upbeat about from this jobs report,” Steve Rick, chief economist at CUNA Mutual Group, told Fox Business. “Re-openings have been rolling backwards, weekly jobless claims are continuing to pile up and we’re still operating from a huge deficit compared to the beginning of the year.”

As new outbreaks have led states to order the closure of bars and other businesses for a second time, consumers have limited their spending as the economy struggles to rebound from the devastating effects of the pandemic, which led the economy to shrink at a nearly 33 percent  annual rate in the April-June quarter, the worst quarterly fall on record.

Send a tip to the news team at NR.

Most Popular

Education

Husband of Sen. Dianne Feinstein Admits to Helping Well-Connected Applicants Gain Admission to University of California: ‘No One Ever Told Me It Was Wrong’

The husband of Senator Dianne Feinstein (D., Calif.) admitted on Thursday to sending an inappropriate letter identified in a state audit that appeared to help an applicant to the University of California, Berkeley, get accepted to the school. The California State Auditor issued a scathing report on Tuesday ... Read More
Education

Husband of Sen. Dianne Feinstein Admits to Helping Well-Connected Applicants Gain Admission to University of California: ‘No One Ever Told Me It Was Wrong’

The husband of Senator Dianne Feinstein (D., Calif.) admitted on Thursday to sending an inappropriate letter identified in a state audit that appeared to help an applicant to the University of California, Berkeley, get accepted to the school. The California State Auditor issued a scathing report on Tuesday ... Read More

The Arson Party

About that peaceful transfer of power . . . I do not have access to my friend Mario Loyola’s Donald J. Trump super-secret decoder ring, but I am inclined to accept Loyola’s explanation that what President Trump was trying to say, but couldn’t quite manage to say, was the usual witless Trump trolling -- ... Read More

The Arson Party

About that peaceful transfer of power . . . I do not have access to my friend Mario Loyola’s Donald J. Trump super-secret decoder ring, but I am inclined to accept Loyola’s explanation that what President Trump was trying to say, but couldn’t quite manage to say, was the usual witless Trump trolling -- ... Read More
Law & the Courts

No, the Democrats Won’t Pack the Court

For many progressive opinion-makers, the only way to save the Supreme Court is to destroy it.   They believe the best response to the Republican-held Senate confirming a Trump nominee to fill Ruth Bader Ginsburg's seat on the Supreme Court is to pack the Court if Democrats win in November. Holding out the ... Read More
Law & the Courts

No, the Democrats Won’t Pack the Court

For many progressive opinion-makers, the only way to save the Supreme Court is to destroy it.   They believe the best response to the Republican-held Senate confirming a Trump nominee to fill Ruth Bader Ginsburg's seat on the Supreme Court is to pack the Court if Democrats win in November. Holding out the ... Read More
Politics & Policy

Do You Want 51 or 52 States Next Year?

“The prospects of statehood for Puerto Rico and Washington, D.C., have never been greater, but many significant obstacles loom,” The Hill declares. The Constitution declares, “new States may be admitted by the Congress into this Union; but no new State shall be formed or erected within the Jurisdiction ... Read More
Politics & Policy

Do You Want 51 or 52 States Next Year?

“The prospects of statehood for Puerto Rico and Washington, D.C., have never been greater, but many significant obstacles loom,” The Hill declares. The Constitution declares, “new States may be admitted by the Congress into this Union; but no new State shall be formed or erected within the Jurisdiction ... Read More