The Labor Department's closely watched employment report on Friday also showed employers continuing to raise wages at a strong clip and generally maintaining longer hours for workers. The sustained labor market strength could give the Federal Reserve the latitude to keep aggressively hiking interest rates.
It took just under 2-1/2 years to recover all the jobs compared to at least six years after the 2007-2009 Great Recession. U.S. gross domestic product declined in the first and second quarters, meeting the standard definition of a recession. The economy's 1.3% contraction in the first half of the year was mostly because of big swings in inventories and the trade deficit tied to snarled global supply chains.
A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder/ Details of the household survey from which the unemployment rate is derived were mixed. While the unemployment rate fell to its pre-pandemic low of 3.5% from 3.6% in June, that was because 63,000 people left the labor force. The workforce has now declined for two straight months.
But household employment rebounded by 179,000 jobs after falling 315,000 in June, and the number of people experiencing long spells of unemployment dropped 269,000 to 1.1 million, the lowest level since April 2020. These long-term unemployed accounted for 18.9% of the 5.7 million unemployed in July.
Gig jobs with poverty level salaries. No benefits. Also many people hustle two jobs at a time and this is shown as 'growth' by the corrupt, deprecit American media. Aye you, who are you fooling?
Does the DNC literally write your headlines ?
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