US adds nearly 1.8 million jobs in July

Rebecca Jarvis discusses the monthly jobs report and its impact on stimulus negotiations in Washington.
2:34 | 08/07/20

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Transcript for US adds nearly 1.8 million jobs in July
But we begin with some breaking news the US added over one point seven million jobs in the month of July with the unemployment rate falling to ten point 2%. That's better than many expected but still but down from June Rebecca Jarvis is here. To break it all down forests were back what's your big take away from these numbers. Well I think Diane the bottom line here is that the numbers are moving in the right direction but we still have a long way to go if you look at them months. Of may June and July 8 the economy has added or rehired nine point three million Americans but if you look. At march and April we lost more than 21 million jobs and as you said. About half of those jobs have now come back and there are still some really big questions about things moving forward number one the virus itself we've now seen. Where there have been some up ticks in the virus we've now seen reopening either reversed or stalled altogether. And then you have this question of the consumer and how we will be haven react. You have high unemployment still in this country consumers may or may not feel. The ability the optimism to spend money and that's a key question that will drive growth going forward and finally what does the government do those 600 dollar. Weekly unemployment benefits expired. At the end of July there's a stalemate in Washington still over what to do next. And that will largely determine if all so how much money US consumers have in their pocket Diane in the US consumer as we've talked about here before. Is the heartbeat of this country how we behave with our money dictates 70% cover our economies activity and grow. And of course a lot of that is dictated by how much money we actually have to spend Rebecca so many people are watching these debates in Washington right now. Could be numbers may mean move things along somehow. Well I think there's something in these numbers for every one and fortunately in Washington and that's what we see so much of the time with numbers like this you can point to the optimism which is. The fact that jobs are returning and that is very important they are however returning at a slower pace than what we saw. In May and June. And in order to keep up that momentum the consumer does need to be spending and feeling optimistic about the economy as do business says. And so. When you think about what's happening here they're still very very clearly. A big hole to climb out from there's also a big election. Right around the corner and that she will very likely drive some of this decision making out of Washington right Rebecca Jarvis forestry I was appreciate your take thanks Rebecca.

This transcript has been automatically generated and may not be 100% accurate.

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