The American economy added more jobs than expected last month — yet continued to fall short of the Biden administration’s promises for economic recovery.
As reported by the Bureau of Labor Statistics, total nonfarm payroll employment rose by 943,000 in July; the unemployment rate, therefore, dropped to 5.4%. Economists polled by Dow Jones expected 845,000 new jobs and 5.7% unemployment, with particularly strong gains occurring in sectors such as leisure and hospitality, local government education, and professional services.
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