Today, the U.S. Bureau of Labor Statistics released its Employment Situation report for July 2020. This release shows a continuation in the improvement of the unemployment rate, even beating predictions, but not increasing as dramatically as last month. Clearly the effects of spiking COVID cases, disparate regional responses, and faltering re-opening efforts are slowing down the recovery. Nonetheless, the continuation of the upward trajectory of job growth is positive.
Overall, total employment rose by 1.8 million in July, and the unemployment rate declined to 10.2%. This data shows a positive shift away from the dire numbers of April, as the country seems to be settling into a “new normal” of partial reopenings, largely determined by geography and COVID numbers in a given state.
In July, employment in leisure and hospitality increased by 592,000 – a fraction of June’s increase – accounting for about 30% of the total July employment gain. Over the month, employment in food services and drinking places rose by 502,000 million.
The healthcare industry added 126,000 jobs, with employment growth in offices of dentists (+45,000), hospitals (+27,000), offices of physicians (+26,000), and home health care services (+16,000). Job losses continued in nursing and residential care facilities (-28,000). Employment in health care is down by a total of 797,000 since February.
While the numbers don’t paint an optimistic picture of a swift recovery, they do appear to be stabilizing, and leaving the massive job losses of March and April in the past. Plateauing cases of COVID seem to be leaving many Americans, and the job market, in limbo.
Talroo will continue to monitor how these current events affect employer and job seeker demand, with a new infographic with real-time employment data to be published the week of August 10th. See our 4 previous on Talroo’s content resources page to see what our Insights™ data has uncovered so far.