Showing posts with label jobs growth in US. Show all posts
Showing posts with label jobs growth in US. Show all posts

Friday 5 August 2022

US's July Jobs Report: Rate Of Employment Grows Up

 US's July Jobs Report: Rate Of Employment Grows Up...




The US labor market is significantly stronger than anticipated.

In July, US employers added about 500,000 jobs, and the % also fell, dispelling concerns that the labor market is about to slow down.



Due to the continued employment of workers by restaurants, bars, and other businesses, the unemployment rate decreased from 3.6 percent in June to 3.5 percent.


The Labor Department's report came in much stronger than anticipated, given that recent data indicated that the US economy was still contracting.


To control soaring prices, the US banking institution is boosting interest rates.


Increased borrowing costs reduce spending and economic activity. High ranking US economic officials have expressed faith that the US labor market will continue to be strong enough to allow the central bank to raise rates without causing a recession.




Janet Yellen, the Treasury Secretary and a former bank governor, stated last week that the economy was transitioning from its robust post-pandemic rebound to a new stable and steady phase of development. However, worries about a persistent lag have grown as consumer confidence declines, the housing market slows, and a few businesses announce job losses or postpone hiring plans.

We’re on a mission to help serious entrepreneurs grow without the chaos



According to Michael Pearce, senior United States of America social scientist for Capital Economics, "the sudden acceleration in non-farm payroll growth in July, along with the additional decline in percentage conjointly with the revived pick-up in wage pressure, create a mockery of claims that the economy is on the verge of recession."


All 22 million jobs that the US lost after the pandemic began in 2020 have now been recovered, according to the Labor Department. A 50-year low, the unemployment rate has also reached its pre-pandemic level. The unemployment rate for Hispanic and Latino employees fell to its lowest level of 3.9 percent in July since records have been kept since 1973.



Product manager Ian Charles was let go a few weeks ago when his fintech company announced a round of layoffs, citing changing investor sentiment as making it more difficult for startups to raise capital.


The 33-year-old was taken aback and initially terrified as he remembered how difficult his job search had been a few years before. "It's a whole different ball game this time," he said.


"People have been dating en masse on LinkedIn, both people I know from grad school, former colleagues, and random recruiters," he explained.



He expressed confidence that he would have a new job within a few weeks.


"At first, I panicked... but after a month, I saw how simple it was to gain traction," he explained. "Opportunities keep coming, which is strange to me because everyone keeps talking about how we're heading for a recession and how things might be slowing down, but I don't see that reflected on the floor."


According to analysts, the Federal Reserve is likely to continue raising interest rates aggressively.


Since March, the bank has raised interest rates four times in response to consumer price increases since 1981. In June, the inflation rate increased to 9.1 percent.

Bring your entrepreneurial spark to Keap



Salaries are rising as well, but not as quickly.


According to the report released on Friday, the average hourly wage increased by 5.2 percent from July 2021 to July 2022.


The jobs report was "uncomfortably hot," according to economist Jason Furman, who advised former President Barack Obama and now teaches at Harvard.



"It's great to see so many jobs added, but it's frightening what it means with the amount of customization we can have," he tweeted. "The recession has become less concerning. Inflation is a bigger concern. The Fed should probably do more."





Exness: The Trusted and Reliable Forex Trading Platform

Exness: The Trusted and Reliable Forex Trading Platform Forex trading has become one of the most popular investment opportunities in recent...