The first Friday of every month can seem like it’s Groundhog Day: as we wait to see the Jobs Report of the previous month, we wonder if the job market will see its shadow and will we experience more of a recession or will it not?
The Jobs Report is sent out monthly by the Department of Labor and it covers unemployment and jobless numbers.
Marc and the Nadexa Group’s Jen Selverian break down this month’s jobs report and what it means for you and the economy as a whole. Here’s what this past month’s highly anticipated statistics have to say:
- In light of recent unprecedented times, July’s report is more positive than what one would expect. Two of the biggest pieces of good news are:
- There were 1.8 million jobs added
- Unemployment rate decreased to 10.2 million people
The Country is Keeping Its Head Above the Water
Even though the numbers are big and can be normally associated as “bad,” in consideration of the total economic shutdown, we are keeping afloat due to:
- Monetary policies from the FED
- CARES Act
- Stimulus packages
- Loans and payroll relief
It’s a Ripple Effect
With the expiration of the first stimulus package on July 31st, it is imperative for a decision to be reached on a new one soon. People are still moving forward with purchases and in return, companies will react and adapt to what the consumers do. This can unfortunately result in more layoffs, depending on the spending patterns of consumers.
Despite higher ticks in hiring, we’re still in a volatile market with many unknowns. What you can expect on the hiring front:
- Be flexible and cautious
- Ask about the financial health of the company
- Talk about re-opening plans
- Don’t be discouraged!
The July Jobs Report has certainly sparked a bit of positivity in these uncertain times and hope for the same positivity in the upcoming months.