US economy added 1.8m jobs in July, beating expectations – business live | The Guardian

Rolling live coverage of business, economics and financial markets as investors focus on US-China tensions and non-farm payrollsChancellor dampens hopes of any furlough extension TikTok threatens legal action after Trump bans it and WeChatFTSE 100 flat as China-US tensions drag stock markets ‘Mini-boom’ as UK house prices rise 1.6% in July 1.54pm BST More reactions from economists and commentators who are suggesting the headline figures don’t quite tell the full story:More like a sign of continued improvement than a ‘bounce back’. Would nonetheless be encouraging were it not for the fact that #COVID__19 is still far from under control in many parts of the United States. https://t.co/vBBvs9X6SwEmployment is still 8% below its February level. 1.8 million jobs isn’t V-shaped recovery speed. pic.twitter.com/bLYdATAkHaThis recession continues to hit Black and Hispanic workers the hardest.July unemployment rate for…White men: 8.3%White women: 9.6%Black men: 15.2%Black women: 13.5%Hispanic men: 11.4%Hispanic women: 14.0%(Note these rates are for workers over age 20) 1.46pm BST This chart shows just how bad it is for the US economy, despite the big jobs rebound. If the red line is anything other than a “V” it means a protracted period of gloom.July Employment Report: 1.8 Million Jobs Added, 10.2% Unemployment Rate https://t.co/LeKFERKlo8 pic.twitter.com/BQ3DoWIgma Continue reading…

Rolling live coverage of business, economics and financial markets as investors focus on US-China tensions and non-farm payrolls

• Chancellor dampens hopes of any furlough extension
• TikTok threatens legal action after Trump bans it and WeChat
• FTSE 100 flat as China-US tensions drag stock markets
• ‘Mini-boom’ as UK house prices rise 1.6% in July

1.54pm BST

More reactions from economists and commentators who are suggesting the headline figures don’t quite tell the full story:

More like a sign of continued improvement than a ‘bounce back’. Would nonetheless be encouraging were it not for the fact that #COVID__19 is still far from under control in many parts of the United States. https://t.co/vBBvs9X6Sw

Employment is still 8% below its February level. 1.8 million jobs isn’t V-shaped recovery speed. pic.twitter.com/bLYdATAkHa

This recession continues to hit Black and Hispanic workers the hardest.

July unemployment rate for…
White men: 8.3%
White women: 9.6%
Black men: 15.2%
Black women: 13.5%
Hispanic men: 11.4%
Hispanic women: 14.0%

(Note these rates are for workers over age 20)

1.46pm BST

This chart shows just how bad it is for the US economy, despite the big jobs rebound. If the red line is anything other than a “V” it means a protracted period of gloom.

July Employment Report: 1.8 Million Jobs Added, 10.2% Unemployment Rate https://t.co/LeKFERKlo8 pic.twitter.com/BQ3DoWIgma

Continue reading…