July Unemployment Rate Improves by .9%





Employment improved by 1.8 million in June and the overall unemployment went down to 10.2%, This was a total improvement of .9%. These improvements are attributed to rolling back of economic restrictions in many states that allowed businesses to reopen. The Covid-19 Pandemic caused a dramatic loss in employment in the months of March and April.




Leisure and Hospitality

The leisure and hospitality industry was roughly 33% of the employment increase that occurred during the month of July. After losing 8.3 million jobs in March and April, July saw the return of 502,000 jobs. Food Service are currently down 2.6 Million since February.

Construction

Construction jobs added back 20 thousand after losing 1.1 million in the months of March and April. It is currently down 444,000

Education and Health Services

Healthcare jobs increased by 126 thousand after losing 1.6 Million in the months of March and April. The Education and Health industry is currently down 797,000 Million from February.

Retail Trade

Retail added back by 258 thousand after losing 2.4 million in the months of March and April. 50% of the gain in retail was in clothing and and accessories. General Merchandise stores lost 64,000 jobs in July.

Manufacturing

Manufacturing increased 26 thousand jobs after losing 1.4 million in the previous months. The manufacturing industry is currently down 740 Thousand since February.


Race and Gender

The employment issue is not being felt evenly across all demographics.

The rate was 8.3% for white men,9.6% for white women, 15.2% for black men, 13.5% for black women and 12% for Asians.

Future Trends

This is a positive step as some of the job layoffs that were due to furloughs or other temporary measures are returning. The expectation is that once the more companies go back to work we could see an even bigger rebound. We are all eagerly awaiting an end to Covid-19 and it's impact on the the economy.

Statement from Bureau of Labor Statistics

"Data collection for both surveys was affected by the coronavirus (COVID-19) pandemic. In the establishment survey, approximately one-fifth of the establishments are assigned to four regional data collection centers for collection. Although these centers were closed, interviewers at these centers worked remotely to collect data by telephone. Additionally, BLS encouraged businesses to report electronically. The collection rate for the establishment survey--which had a longer-than-average collection period in July--was 78 percent, higher than the average for the 12 months ending in February 2020. The household survey is generally conducted through in-person and telephone interviews. However, for the safety of both interviewers and respondents, the vast majority of interviews were done by telephone, with in-person interviews conducted on an extremely limited basis in some areas of the country. The household survey response rate was 67 percent, up from the rate of 65 percent in June but much lower than the average rate of 83 percent for the 12 months prior to the pandemic."


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