The US economy blew past the estimates to create about one and three quarter million jobs in July in a wonderful report on economic growth. Here are the main points of the report summarized by Yahoo News:
Change in non-farm payrolls: +1.783 million vs. +1.48 million expected
Unemployment rate: 10.2% vs. 10.6% expected
Average hourly earnings, month over month: +0.2% vs. -0.5% expected
Average hourly earnings, year over year: +4.8% vs. +4.2% expected
The change in total non-farm payrolls for June was revised down slightly by 9,000 to 4.791 million, while May’s payrolls were revised up by 26,000 to 2.725 million.
This is a blockbuster report. The actual figures for jobs created beat the estimates by 300,000 jobs. Prior to the pandemic, such a figure for just monthly job creation would have been looked at as extraordinarily good, and now it's just a variance.
So how did the left wing media report this? Yahoo News, always reliably left wing, started this way:
U.S. employers regained fewer jobs in July after a record gain in June, as a resurgence of coronavirus cases in some states earlier this summer weighed on the labor market recovery.
So the results were huge, they beat the estimates by 300,000 jobs, but Yahoo reported it as a disappointment. They can't have results that make Trump look good, now, can they?
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