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U.S. Employment Growth Observed to be Strong as Technical Factors Promote Boost

U.S. employment growth remained rather robust in July amid the Covid-19 pandemic. This growth was seen due to the budgetary stimulus provided by the Biden administration and the gradual reopening of the country.

Job growth was witnessed in sectors like hospitality, leisure, and auto assembly plants due to the shift in the seasonal employment factors. Jobs were also restored at schools as educational institutes reopened and students started attending their summer school, catching up after the disruption caused by Covid-19.

All these factors lead to the unemployment rate falling from 5.9% to 5.7%. The hourly earnings rate was also seen rising by 0.3%, which is a good indicator for the growth of the economy.