The U.S. finally has as many jobs as it did before the pandemic struck. Ultimately, a lot of them might not be in the right place.
The Labor Department on Friday reported that the economy added a seasonally adjusted 528,000 jobs in July from a month earlier—far more than the 258,000 that economists expected to see. With that the employment losses brought on by Covid-19 crisis have finally been erased: There were 32,000 more jobs in July than there were in February 2020. Similarly, the unemployment rate slipped to 3.5% from 3.6%, bringing it back to the multidecade low it logged just before the pandemic.