The job market seems to be on an upward trend, according to the recent figures from the Bureau of Labor Statistics
Despite fears over the Delta variant and companies struggling with tight labor supply, hiring rose in July.
Non-farm payrolls figures came in at 943,000, while the unemployment rate dropped to 5.4%. Both figures beat estimates: 870,000 new jobs and 5.7%, respectively. While the number of payrolls is impressive, the drop in the unemployment rate was surprising considering that the labor force participation rate ticked up to 61.7%, tied for the highest level since the pandemic hit in March 2020.
Following the past several months' trend, leisure and hospitality added the most jobs – 380,000. It was tailed by education, with 261,000 new hires.
After the news hit the wires, USA30 gained 0.2%.
Sources: cnbc.com, forexfactory.com