Professional and business services led the August advances with 68,000. Healthcare added 48,000 jobs; retail, 44,000; and manufacturing, 22,000.
In August, average hourly earnings rose 10 cents, keeping the annual increase unchanged at a still-hefty 5.2%. And some industries, like restaurants and bars, are still well below their pre-COVID employment levels and struggling to catch up as Americans resume dining out, traveling and other activities in larger numbers. For now, the robust job numbers mean more household income and spending, insulating the economy from a recession, at least in the short term.
While the labor market remains strong, most employees who were laid off in spring 2020 have been rehired, leaving less space for outsize employment gains in the months ahead. Also, aggressive Federal Reserve interest rate hikes to fight inflation have been expected to eventually dampen business hiring and investment.
Unemployment 3.7% = “sputtering economy”? What planet are you living on?
I those are referred to as “unemployable.”
The FED determined to stop a hot economy before it leads to actual workers getting raises.
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