Hiring rose in July at its fastest pace in nearly a year despite fears over Covid-19’s delta variant and as companies struggled with a tight labor supply, the Labor Department reported Friday.
Nonfarm payrolls increased by 943,000 for the month while the unemployment rate dropped to 5.4%, according to the department’s Bureau of Labor Statistics. The payroll increase was the best since August 2020.
Economists surveyed by Dow Jones had been looking for 845,000 new jobs and a headline unemployment rate of 5.7%. However, estimates were diverse amid conflicting headwinds and tailwinds and an uncertain path ahead for the economy.
Average hourly earnings also increased more than expected, rising…