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Factory workers in Cleveland, Ohio, USA: The job market is recovering rapidly
Photo: TIMOTHY AEPPEL / REUTERS
After the Corona low comes the rapid recovery: The US economy again created more jobs than expected in July.
Nationwide, 943,000 jobs were added as of Friday, according to the US Department of Labor.
The unemployment rate fell compared to the previous month by 0.5 points to 5.4 percent.
Analysts had expected an average increase of around 860,000 jobs.
The US economy had already created more jobs than expected in June.
Overall, the economic development in the USA is promising: Initial jobless claims - a short-term indicator for the job market - have been falling since the beginning of the year.
And the US economy grew solidly in the first two quarters of the year.
According to analysts, the main reasons for the economic recovery in the US after the corona-related slump last year are vaccinations and economic aid. In the spring, the US Congress passed a corona stimulus package worth around 1.9 trillion US dollars. That corresponds to almost ten percent of the annual economic output in the USA. Last year, Congress had already launched packages with a volume of around $ 3 trillion.
The corona pandemic hit the US economy extremely hard: Employment collapsed at a record pace in spring 2020.
Since then, the job market has recovered, but there are still many Americans without a job.
The unemployment rate is still significantly higher than it was before the pandemic.
At the beginning of 2020, the rate was 3.5 percent, the lowest level in decades.
mic / dpa