Fewer Americans got jobs in July than expected. But a steady market suggests US may avoid recession

But it’s still strong enough to defy predictions that higher interest rates would tip the United States into recession.

“This is a good strong report,'' said Julia Pollak, chief economist at the jobs website ZipRecruiter. ”The worst fears that people had of a painful downturn, a loss of jobs, longer unemployment durations, all those things — those are not coming to pass.'' In July, health care companies added 63,000 jobs. But temporary help jobs – often seen as a sign of where the job market is headed – fell by 22,000. And factories cut 2,000 jobs.

too: The Conference Board, a business research group, said that its consumer confidence index last month hit the highest level in two years. The U.S. labor market “is now cooling in a gradual and orderly fashion in line with the policy goals at the Federal Reserve, which points to a growing probability of a soft landing for the economy,’’ said Joe Brusuelas, chief economist for the tax and accounting firm RSM. “Demand for labor remains solid but is clearly cooling compared to the torrid pace in 2021 and 2022.”In New Hampshire, the unemployment rate was 1.8% in June, tied with South Dakota for the nation’s lowest.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tight budgets lead to fewer language-diverse participants in academic than industry trialsLack of funding for translating trial documents into participants’ primary language is a barrier to recruitment of diverse individuals.
Source: Nature - 🏆 64. / 68 Read more »

Housing Market: 45,000 fewer homes available amid inventory crunchHomebuyers had 45,000 fewer homes to choose from in July as the US housing market remains as tight as ever
Source: BusinessInsider - 🏆 729. / 51 Read more »

A fading jobs market? Fewer businesses are hiringThe U.S. added 187,000 new jobs in July, but only healthcare, leisure and hospitality and government industries saw major changes.
Source: MarketWatch - 🏆 3. / 97 Read more »