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While COVID is a concern, the latest earnings, economic, and employment data paint a better picture. Friday’s jobs report was solid, with nonfarm payroll employment rising rose by 943,000 in July. This was above consensus estimates and the best figure since lockdowns were eased last summer.
The unemployment rate also fell by 0.5 percentage points to 5.4 percent, a new pandemic-era low. The Institute for Supply Management reported that service sector activity rose a record 64.1% in July, up from 60.1% in the previous month and beating the consensus forecast of 60.5%.
