Unemployment drops to 5.4%.
The Labor Department released its jobs report for the month of July this past week. The findings showed that the country had a strong midsummer gain in hiring. The country saw 943,000 new jobs created with strong surges in service industry hiring. The national unemployment rate is now 5.4%. The report also found that average hourly earnings had increased by 4% compared to the year prior.
The data from the Labor Department was collected before the Center for Disease Control and Prevention (CDC) announced that vaccinated and unvaccinated people should wear masks indoors in areas experiencing a rise in infections. As a result, there is some concern that consumers will reduce their spending and the economy would be negatively impacted.
As the Lord Leads, Pray with Us…
- For officials in the Labor Department as they assess employment and support workers.
- For the director of the CDC as they evaluate the current status of infections.
- For wisdom for the president and his administration as they consider ways to assist the U.S. economy.
Sources: AP, NY Times, CNBC
