On Friday, the Bureau of Labor Statistics released its July 2020 employment report. BLS reported that a July unemployment rate of 10.2 percent and an increase of total nonfarm payroll employment by 1.8 million. Of note, leisure and hospitality reported job gains in July, adding 592,000 jobs in the sector—about one-third of the country’s total gain. However, accommodation jobs increased by just 47,000 in July. Since May, the accommodation sector has added 371,000 jobs.
The total number of furloughed workers fell 1.3 million in July to 9.2 million—about half its April level. Of those who are unemployed, 3.2 million have been jobless for less than five weeks—an increase of 364,000 in July. Additionally, 6.5 million have been jobless for between 15 weeks and 26 weeks—an increase of 4.6 million.
The total number of part-time workers increased by 803,000 in July to 24 million. The number of involuntary part-time workers (i.e., those who work part-time for economic reasons) is down to 8.4 million—a decrease of 619,000 in July—reflecting a decline in the number of people whose hours were cut as a result of business conditions. While that number fell last month, it is still 4.1 million higher than in February.
Read the full report here.
