62.1%: Labor Force Participation Falls in July, As 239,000 More Americans Drop Out of Labor Force
Non-farm payrolls added a whopping 528,000 in July, more than double the estimate of 250,000; and the unemployment rate edged down to 3.5 percent in July from 3.6 percent in June.
The U.S. Bureau of Labor Statistics reports that job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. "Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels," BLS noted.
But on the downside, the number of Americans not in the labor force -- no...