In industries like professional and business services, manufacturing and leisure and hospitality, it still looks like boom times if the job market is any indication.
Manufacturers are dealing with a shift from purchases of physical goods to services but nonetheless added 29,000 jobs for the month. The leisure and hospitality sector — the beneficiary of a travel boom after an especially fallow period — added 67,000 positions.Companies have been dealing with labor shortages since the early going of the pandemic — and that challenge hasn't suddenly gone away.
"You can’t lay off what you were never able to hire," Lightcast senior economist Ron Hetrick said in a statement. "This may be an economic downturn in terms of GDP, but I don’t think you’re going to see the accompanying layoffs that go with it.” The strong job report "appears to make a mockery of claims the economy is heading into, let alone already in, a recession," Capital Economics reported Friday.More jobs than expected may give the Fed more reason to proceed with aggressive rate hikes, which could then trigger a contraction.
Indeed, hiring was stronger than expected after all the recent headwinds (Ukraine, inflation, interest rate hikes, gas prices, BA.2,4,5). If this rate continues, in a little over a month, the US as a whole should recover to pre-pandemic jobs levels--some states slower.
Confidence at all-time low 🤷♂️
There was job growth in Q1 while GDP contracted.
GOPChairwoman GOP
Nobody can afford homes. What type of jobs are we adding? Low wage shitty jobs is not a flex.
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