WASHINGTON (AP) — Hiring surged in July as American employers added 943,000 jobs. The unemployment rate dropped to 5.4% another sign that the U.S. economy continues to bounce back with surprising vigor from last year’s coronavirus shutdown.
The July numbers exceeded economists’ forecast for more than 860,000 new jobs. Hotels and restaurants, reopening and doing brisk business, added 327,000 jobs last month. Local public schools added 221,000.
The number of people who reported they had jobs surged by 1 million, pushing the jobless rate down from 5.9% in June. Last month, 261,000 people returned to the job market.
Scrambling to find workers as business surges back, companies raised wages: Average hourly earnings were up 4% last month from a year earlier.
