July 2020 jobs report provides optimism in trying times

Finally! Some good news.

Over 1.8 million jobs were created in the month of July alone, according to the newly-released July 2020 jobs report.

One of the most-promising signs of improvement as of late comes with a decrease in unemployment. A sizable shrinkage was seen from May (13.3%) to June (11.1%) in the nation’s unemployment rate, with the trend continuing in July.

The current U.S. unemployment rate sits at 10.2 percent, according to the July 2020 jobs report, providing some hope that good things could come in the future. Perhaps the ‘new normal’ we’re all adapting to will begin to feel more and more like the good ole days, with an influx of Americans coming back into the workforce.

People continue to come back from furloughs as well, decreasing by 1.3 million in the month of July alone. Only 9.2 million Americans are on temporary layoff — about half of the level that statistic was at in April. Another promising statistic from the July 2020 jobs report was a 1.8 million-person increase in total non-farm payroll employment.

Here’s to continued improvement in the job market and a big fingers-crossed for a COVID-19 vaccine!