July NFP surprises the markets

By: Miguel A. Rodriguez

09:45, 14 September 2020

The Bureau of Labor Statistics revealed the latest jobs report for July.

According to government data, the U.S. economy created 1.763 million jobs in July. The numbers turned out better than the 1.60 million projected, but they were still significantly lower than June's 4.791 million.

The unemployment rate dropped to 10.2%, from 11.1% recorded in June, and below the consensus forecast of 10.5%. The initial impact on the financial markets was minimal, with the Dollar Index adding a modest 0.41%.

According to marketwatch.com, the U.S lost 22 million jobs during the Covid-19 pandemic. Until now, it only managed to restore approximately 9.3 million.

Sources: investing.com, marketwatch.com

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