President Joe Biden seized on the employment report to urge Congress to raise the federal government's borrowing cap amid projections it may run out of money in June, a development that could cause great harm to the economy.
Healthcare payrolls increased by 40,000. Employment in the leisure and hospitality industry rose by 31,000 jobs, mostly concentrated at restaurants and bars. Hiring in the sector, which has been the main job growth driver, is slowing.Financial activities payrolls rose by 23,000, as did the government jobs category. Government employment remains 301,000 positions below its pre-pandemic level. Manufacturing, retail and construction payrolls rebounded after declining in March.
While the workweek was unchanged at 34.4 hours, total hours worked rose 0.2%. This generated a 0.7% gain in payrolls.
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Source: Newsweek - 🏆 468. / 52 Read more »