The US added 528,000 jobs in July as the job market returned to pre-pandemic levels.
Since hitting a low in April 2020, the US has now added 22 million jobs. The unemployment rate in July he dropped to 3.5%.
A month after the Labor Department said the economy added 398,000 jobs in June, a much stronger-than-expected report came out, 26,000 more than initial estimates.
Economists expect job growth to slow in July, with the latest Labor Department figures well above the average 388,000 jobs added over the past four months.
Employment growth was broad-based, driven by increases in leisure and hospitality, professional and business services, and health care.
The U.S. economy has slowed this year, but Negative growth by two quarters The job market is booming for the first six months. But there are signs that it too is losing momentum.
Friday’s jobs report comes just days after the government reported job openings across the United States fell by 605,000 to 10.7 million, or 5.4%, by the end of June. Job openings hit a record high of 11.5 million at the end of March. But even in the latest fall, there are still 1.8 jobs open for all available workers.
There are other signs that the job market is weakening. On Thursday, the Labor Department said the number of people who filed for unemployment benefits rose to 260,000 last week, up from 254,000 last week.
Known as early unemployment claims, the figures are seen as a proxy for layoffs and are now close to peaking in 2022, above the pre-pandemic weekly average of 218,000. Employers such as Walmart, Robinhood, Twitter and Ford have recently announced layoff plans as economic conditions tighten.
The US added 528,000 jobs in July as the market returned to pre-pandemic levels.U.S. Unemployment and Employment Data
Source link The US added 528,000 jobs in July as the market returned to pre-pandemic levels.U.S. Unemployment and Employment Data