July Job Gains Exceed Expectations

U.S. employers added 943,000 new jobs in July, with hiring in hospitality and education leading the way, according to the latest employment report from the Bureau of Labor Statistics (BLS). The unemployment rate fell to 5.4 percent from 5.9 percent in June.

The report comes amid concerns that the spreading COVID-19 delta variant could further slow hiring activity. Difficulty finding workers to fill open jobs continues to hold back hiring as well. Evidence shows that many employers are increasingly desperate to hire, offering higher pay, signing bonuses and more flexible working hours to attract applicants, a shift in power that has given job seekers the upper hand.

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