Job Numbers Beat Expectations, Despite Fears of COVID Surge

August 7, 2020

Following two months of record gains, job growth slowed in July, but the month’s numbers still beat Wall Street expectations and allayed some concerns that the increase in coronavirus cases would derail the economic recovery.

The nation added 1.73 million jobs last month, as compared to the 1.48 that economists had forecast. The unemployment rate fell from 11.1% to 10.2%, also beating economist predictions.

That said, some economists do point to the slowdown in growth, May and June combined added more than 9 million jobs, as proof that the economic recovery may be losing some steam, but is at least heading in the right direction.

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