US non-farm payroll employment grew 943k in July, above expectation of 900k. Prior month’s figure was also revised up from 850k to 938k. Notable job gains occurred in leisure and hospitality, in local government education, and in professional and business services. Total employment was still down -3.7% from its pre-pandemic level in February 2020.
Unemployment rate dropped sharply by -0.5% to 5.4%, versus expectation of 5.7%. Number of unemployed person fell by -782k to 8.7m. Labor force participation rate was little changed at 61.7%, within a narrow range of 61.4% to 61.7% since June 2020.
