(Friday, August 7, 2020; 9:00 p.m. EST) Confirming a recovery is under way and the recession is ending, the U.S. Labor Department reports 1.76 million net new jobs were created in July and the rate of unemployment dropped to 10.2%.

In addition, strong increases in the service and manufacturing sectors were reported by corporate purchasing managers, according to the Institute of Supply Management, and ISM's forward-looking sub-index measuring new-order activity surged in July.