Why it's too early to celebrate July's jobs report
The July U.S. jobs report was a blockbuster, but there’s still progress to be made in the labor market and the recent spike in COVID-19 cases means it’s too early to celebrate.
Why it matters: The U.S. economy continues to show great momentum, which puts more pressure on the Federal Reserve to scale back its emergency monetary policies. However, doing so too early risks having the economy backslide.
By the numbers: Employers added 943,000 jobs in July, which was considerably better than the 850,000 economists were expecting.
June and May numbers were revised up by a total of 119,000 jobs.