Job growth continues as 943,000 added in July

St. Paul, MN (August 9, 2021) — The U.S. Labor Department announced 943,000 new jobs were added last month, jumping past the expected totals of 865,000. That’s up from 938,000 that were added in June — the highest month-to-month growth since August of 2020.

The unemployment rate also fell to 5.4%, down from 5.9% in June. That marks the lowest jobless rate since March of 2020, when the COVID-19 pandemic was in its infant stages.

“The increase in [job] participation is a welcome sign given that it has been slow to recover toward its pre-pandemic level,” said Doug Duncan, Fannie Mae chief economist.

In a July press conference, President Joe Biden noted more than 3 million jobs have been created since he took office ― the most of any president in the first five months of their term — and said that approximately 70% of the jobs lost at the start of the pandemic have been recouped. If monthly gains continue at the June pace, economists predict the U.S. could return to the pre-COVID employment peak by February 2022 – the same year some economists predict the housing market could regain its inventory footing.

Matsuura Machinery USA, Inc., located in St. Paul, MN is the U.S. subsidiary of Matsuura Machinery Corporation in Japan. Since 1935, Matsuura has been the forerunner in designing innovative technology and manufacturing solutions to a variety of industries around the globe. Matsuura Machinery USA, Inc. delivers unmatched excellence in 5-axis, vertical, horizontal, linear motor, multi-tasking CNC machine tools and machines with a powder bed metal AM platform with machining capability. Matsuura Machinery USA, Inc. provides the service, applications and technical field support that have always been the Matsuura standard for business.

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