Almost a million new jobs were created in July. Unemployment is 5.4% which is higher than the 3.5% it was pre-pandemic, but is on the decline. The labor market is re-opening and jobs tied to it are on the rise. The July job growth explosion data was mined mid-month prior to new COVID cases linked to the delta variant, so August data will reveal a more complete picture. However, recovery is occurring. An impressive portion of the population is vaccinated and employers are creating incentives and or mandating vaccination which will offset the degree of impact that the latest resurgence of COVID cases could cause on the labor market. In July as we began to return to travel and dining out, and the hospitality and leisure sectors increased by 380,000. Unemployment is lower than a recent high in April 2020. Hourly earnings are 4% higher than in July 2020. Employers are drawing people back to the workforce by relaxing education and experience requirements. COVID has created a savvier job seeker who is looking for employment that is more suited to their health and wellbeing needs, and employers are rising to the occasion and demonstrating a shift toward offering benefits and incentives that meet employee demand.
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