The Biden administration, the Fed, and Wall Street all cheered the July employment report on Friday, which stated that total nonfarm payrolls rose by 943,000—8.4 percent better than expectations of 870,000—and the unemployment rate fell 0.5 percent to 5.4 percent in July. They also upwardly revised the prior two months by 119,000 jobs. Rising employment is certainly good news for the economy and living standards, but there is much more to this story that is concerning for the economy. In this article, we will make these five key points about the current employment situation:
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