Unemployment dropped far more than expected in July, to 5.4%. At the same point in the Great Recession, it kept rising for another six months.

The economy gained more jobs than economists expected in July, while the gain in wages and the drop in unemployment also exceeded expectations.

Halfway through 2021, the June jobs report signals a good step forward, but let's not call this economy "normal" yet. Things are still kind of weird.

The US job gains beat the 720,000-payroll forecast in the largest jump since August. The 5.9% unemployment rate missed the estimate for a 5.6% print.

Employment in leisure and hospitality increased by 292,000 jobs in May. The next largest job gain was in education and health services at 87,000.

The US added 559,000 payrolls, missing the estimate for a 674,000-job gain. The unemployment rate fell to 5.8% from 6.1%, beating the 5.9% estimate.

"It will be a relief to get some real market movement, after the snooze-fest of the past couple of weeks," one analyst said of the nonfarm payrolls.

Signs that the US recovery is slowing, the Fed's ultra-low interest rates, and rebounds in other countries are weighing on the dollar.

April data showed job growth at just 25% the expected pace. Childcare pressures, unemployment, and, of course, the virus were all likely contributors.

The US only added 266,000 jobs in April, far below the economists' estimate of 1 million. There were 331,000 jobs added in leisure and hospitality.

Unemployment also rose in April, to 6.1% from 6%, missing the 5.8% estimate. The BLS data seemed to confirm anecdotes of a widespread labor shortage.

April payroll growth will hit 2.1 million, Jefferies Chief Economist Aneta Markowska said. That's 800,000 more jobs than the next top forecast.

Bolstered unemployment benefits, coronavirus fears, and home-schooling demands likely kept many unemployed Americans from seeking work, the bank said.

Fed research suggests stimulus may not fuel a spending boom while jobless claims remain high. Companies may have little incentive to hire more.

The US added 916,000 jobs in March, besting the 660,000 estimate, yet Insider calculates some 14.3 million jobs were still lost during the pandemic.

A huge chunk of March's blowout report of 916,000 new jobs came from 280,000 in leisure and hospitality. More than half of that was in food/drinking.

While the unemployment rate fell to 6% amid a surge in hiring, Insider calculates the "real" rate used by the Fed and the Treasury still sits at 8.7%.