Payrolls increased 528,000 in July, much better than expected in a sign of strength for jobs market

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ICYMI: The U.S. added 528,000 jobs in July, far better than expected. The unemployment rate was 3.5%.

Hiring in July was far better than expected, defying multiple other signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday.

More broadly, though, the report showed the labor market remains strong despite other signs of economic weakness. Leisure and hospitality led the way in job gains with 96,000, though the industry is still 1.2 million workers shy of its pre-pandemic level. A more encompassing view of unemployment that includes those holding part-time jobs for economic reasons as well as discouraged workers not looking for jobs was unchanged at 6.7%.Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job rise over the past four months. The BLS release noted that total nonfarm payroll employment has increased by 22 million since the April 2020 low when most of the U.S.

 

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Added? Or just replaced ones that were eliminated previously?

Misinformation DarkBrandon

Didn’t come to work for my company, still understaffed

Why is this an advertisement?

Bullshit

ThanksBrandon

I mean, good and bad. The tightness is raising prices b/c you have to raise wages and it raises costs. My 1 is we’re caught in a wage-inflation spiral. Only way to solve it at this point is to open the immigration valve.

Lowest workforce participation rate in 40 years.

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