Economy Producing Jobs At Historic Rate, Still Months If Not Longer To Full Recovery

Beating expectations by over 74,000 jobs, the July national jobs report has prompted some to calculate that the economy will recover the 6 millions jobs lost to the economic shutdown up to four months earlier than previous thought while still needing to create 7.5 million to fully recover America’s pre-lockdown trajectory.

The broader American economy produced 943,000 jobs in July, far surpassing the consensus estimate of 870,000 new jobs while at the same time experiencing an upward revision of 50,000 additional jobs to the June numbers meaning from June 1 to July 31, the economy produced over 1,843,000 new jobs.

American economy is still 7.5 million jobs short after recovering all the jobs lost to the shutdown

Jason Furman, the former chair of the Council on Economic Advisors under President Obama, pointed out that the longer term challenge for the economy after recovering the 6 million jobs lost to the shutdown are to create the 7.5 million jobs the economy was on track to create between mid-March 2020 and mid-August 2021.

For more information on these developments, go to Business Insider.