| CL=F | Crude Oil | 41.28 | -0.67 | -1.6% |
| GC=F | Gold | 2,036.30 | -33.10 | -1.6% |
The US economy added 1.8M jobs in Jul even as a wave of new coronavirus cases forced most states to pause or reverse their reopenings. The payroll increase reported by the Labor Dept was nonetheless well below the 4.8M jobs created in Jun, the highest ever recorded. The unemployment rate fell to 10.2%, down from 11.1% in Jun. The forecast called for the report to show that unemployment dropped to 10.5% & the economy added 1.6M jobs. Estimates before the report varied widely amid escalating fears that a flare-up in COVID-19 cases across the country & a fresh round of business closures would derail the job market's early recovery from the worst economic downturn since the depression. Over the past 3 months, the economy has added back less than ½ (42%) of the 22M jobs it lost during the pandemic. There are still 10.6M more out-of-work Americans than in Feb. The unemployment level, at its highest in decades, is expected to remain elevated as social distancing guidelines are kept in place while states fight a resurgence in COVID-19 cases. Last week, the number of Americans applying for employment benefits fell to 1.18M, the lowest level since the pandemic started in mid-Mar. The figure indicates there's still some driving power behind the job market's turnaround. Leisure & hospitality once again accounted for the bulk of jobs created last month, with 592K new positions added. About 505K of those were in food & drinking establishments, one of the industries hit hardest by the pandemic as states ordered restaurants and bars to close & directed Americans to stay at home. Gov jobs grew 301K, retail saw a gain of 258K & manufacturing payrolls increased by 26K. Education & health services added 215K workers. The numbers reflect the economy's struggle to recover from the virus-induced crisis, which sent the GDP, the broadest measure of goods & services produced by a country, plunging a record-shattering 32.9% annual rate in Q2.
The Trump administration will impose a fresh round of sanctions on 11 individuals, including Hong Kong leader Carrie Lam, as tensions between the US & China accelerate. The Treasury Dept designated Lam for her role in overseeing & “implementing Beijing's policies of suppression of freedom and democratic processes.” According to the dept, Lam, pushed last year to allow for extradition to mainland China, setting off a series of massive anti-gov demonstrations in Hong Kong. “The United States stands with the people of Hong Kong and we will use our tools and authorities to target those undermining their autonomy,” Treasury Secretary Steve Mnuchin said. The Trump administration has been critical of Beijing's recent decision to pass a sweeping national security law aimed at limiting Hong Kong's autonomy & banning literature critical of the Chinese Communist Party. Secretary of State Mike Pompeo has described the new law as an “Orwellian move” & an assault “on the rights and freedoms of the people of Hong Kong.” Today, Pompeo said: “The Chinese Communist Party has made clear that Hong Kong will never again enjoy the high degree of autonomy that Beijing itself promised to the Hong Kong people and the United Kingdom for 50 years. President Trump has made clear that the United States will therefore treat Hong Kong as ‘one country, one system,’ and take action against individuals who have crushed the Hong Kong people’s freedoms.”
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