Jobs Report Satisfies Everyone and No One
July’s employment data beat expectations but still represented slowing progress. It’s a middle road that probably won’t inspire lawmakers to act.
Not much inspiration.
Photographer: Bridget Bennett/AFP/Getty Images
Investors who expected that the July jobs report would compel congressional officials to avoid a collapse in negotiations on a new coronavirus relief bill were met instead with data that seems likely to entrench Democrats and Republicans in their positions.
Just consider the headline number: U.S. payrolls increased by 1.76 million in July. On the one hand, that beat estimates for a 1.48 million gain, but it’s also down from a 4.79 million pickup in June and 2.72 million advance in May. Is this a sign that the economic recovery is better than expectations or an indication that progress is sputtering? Either way, the jobless rate remains in the double digits, which would seemingly bolster the argument of Democrats that Congress needs to extend the $600-a-week supplemental unemployment insurance payment from the last stimulus.