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US unemployment falls to 10.2% in July, beating expectations

Per Second NewsAugust 7, 2020298

Unemployment in the US fell to 10.2 per cent in July, from 11.1 per cent in the previous month as payrolls rose higher-than-expected by 1.76 million.

The economy also added 1.8 million jobs in July, according to the Department of Labor, a slowdown from a 4.8 million gain in June. The number of unemployed is up by 10.6 million since February.

Payrolls in the manufacturing sector rose 26,000, much lower than the expected 261,000, according to the the country’s Bureau of Labour Statistics. US unemployment has ballooned during the pandemic, wiping out most of the jobs created since the 2008 financial crisis. The unemployment rate rose to an all-time high of 14.7 per cent in April at the height of strict lockdown measures.

The US has been the worst affected major economy during the coronavirus pandemic. The country accounts for over 5 million infections, equivalent to more than 26 per cent of total cases globally, according to Worldometers, which tracks the pandemic. The US has registered 162,836 deaths so far from Covid-19.