"We should walk away with it in general saying, 'OK, this was a big chunk of jobs that we got back,'" Dan North, a senior economist at Euler Hermes North America, told Business Insider.
The ongoing impact of the coronavirus pandemic – and more recently, a resurgence in cases in some parts of the US – on the labor market will be quantified in part with the July jobs report, along with other high frequency data later this week.
Part of that reflects the labor market’s importance to the U.S. MarketWatch-polled analysts are penciling in another addition of 1.7 million jobs to the labor market, on top of June’s 4.8 million increase.“I’m expecting a weaker payrolls number. "In the face of the covid resurgence and a growing headwind from PPP loans, the labor market remains stunningly resilient.
It would definitely suggest something more serious is up with global markets,” said Patrick Leary, chief market strategist at Incapital, in an interview.Traders say pushing below this key psychological level could presage further declines in the benchmark rate.“Friday’s jobs data could be the nail in the coffin for higher rates,” said Leary.And investors, on the whole, are expecting a much more muted monthly jobs gain in July. "Today's report increases the pressure on policymakers to extend financial relief to avoid the slowdown from turning into a full-blown double-dip recession," Zhao added. A significant portion of those, 49,000, were in the administrative and support services sector. "We always need to appreciate progress, but there's no indication that it's fast enough," Bunker said. "It would be an unthinkable gain monthly gain before the pandemic. Without the spending power of American households, it would be hard to imagine the U.S.’s consumer-dependent economy returning to normal, traders said. One ominous long-term figure from July’s jobs report: the labor force participation rate. "Still, there "are some other considerations here," North said. July jobs report could show no progress and even reversal as virus spreads Published Thu, Jul 23 2020 11:32 AM EDT Updated Thu, Jul 23 2020 2:20 PM EDT Patti Domm @in/patti-domm-9224884/ @pattidomm July Jobs Report: Hiring Slows As U.S. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider "Not only is it the first jobs report to capture the impact of the resurgent pandemic on American workers, it also coincides with Congressional negotiations on financial relief for many millions of Americans. "The next few months are a race against the clock. "She continued: "Even more surprising was the fact that covid-sensitive sectors were among the fastest growing industries in July (albeit much slower than in May/June). The answer is simple: seek out alternative solutions that effectively manage risk while also addressing your income needs. July marked the third straight month of improvement after the COVID-19 lockdown that decimated the labor market, and the job gains have even exceeded economists’ expectations. ""There's a slowdown in job creation for the last few months, but we still are seeing further healing in the labor market," the Bank of America economist Michelle Meyer told Business Insider.Meyer added that "the recovery didn't stop, but it slowed. Employers Add 1.8 Million Jobs : Coronavirus Live Updates U.S. employers added 1.8 million jobs in July, down from 4.8 million the month before.
July hiring was concentrated in professional and business services, which added 58,000 jobs last month.
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