Tuesday, February 7, 2023
GoldscopeFeed
Advertisement
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
No Result
View All Result
Home Business

Employers in the United States added 943,000 jobs in July, indicating a strong labor market

by GFeed News Desk
August 6, 2021
0
Apple to start checking iPhone and iCloud photos for child abuse imagery

According to the Bureau of Labor Statistics, the US economy added 943,000 jobs in July, and the unemployment rate fell to 5.4 percent, a new low for the pandemic era.

It was the largest job gain since August of last year, when more than 1 million jobs were added back, and it exceeded economists’ expectations of 870,000 jobs.
The number of jobs added in June was also revised up to 938,000, demonstrating the recovery’s rapid pace over the summer.

On Twitter, Harvard economist Jason Furman wrote, “I have yet to find a blemish in this jobs report” (TWTR).

Since May 2020, the United States has added 16.7 million jobs. However, it is still 5.7 million below the pre-pandemic level.

The hospitality and leisure industries, which were decimated by lockdown measures last year, were once again the leading contributors to job growth, accounting for more than a third of all new jobs. Last month, restaurants and bars alone added 253,000 new jobs.

While the rapid expansion is encouraging, the industry has lost 1.7 million jobs since February of last year.

According to seasonally adjusted data, hiring increased in education as well. However, because the pandemic distorted hiring and layoffs in education, the adjusted data may overstate hiring in July, according to the labor bureau.

The average hourly wage increased for the fourth month in a row, rising 11 cents to $30.54, as companies are under pressure to pay more to attract workers.

The unemployment rate fell to its lowest point since the pandemic began, with declines seen across nearly all demographic groups surveyed.

Black teenagers’ unemployment rate increased by four percentage points to 13.3 percent.

The labor force participation rate increased to 61.7 percent, while the employment-population ratio rose to 58.4%. Both indicators are still below where they were in February 2020.

“The stagnant participation rate confirms that there are millions of potential workers who are still outside the labor force, not currently looking for work and therefore not counted among the unemployed,” said Cailin Birch, global economist at The Economist Intelligence Unit.

However, nearly a million people found work in July, which Birch believes is a positive sign for both the jobs recovery and consumer spending, both of which the US economy requires to grow.

The pandemic recovery has been marked by a mismatch between employers’ demand for workers and employees’ ability and willingness to return to work despite childcare concerns, virus fears, and generous benefits.

Tweet147
Previous Post

Virgin Galactic has reopened ticket sales, with prices starting at $450,000 per seat

Next Post

Tesla just got snubbed by Biden’s electric vehicle summit

GFeed News Desk

https://goldcopefeed.com/

Related Posts

Is Elon Musk Going to Testify in the Johnny Depp-Amber Heard Case?

Is Elon Musk Going to Testify in the Johnny Depp-Amber Heard Case?

by GF Entertainment Desk
April 28, 2022
0

There has been speculation that high-profile witnesses such as Tesla CEO Elon Musk, who was romantically connected with Amber Heard...

How CEO of Binance became Asia’s richest man?

How CEO of Binance became Asia’s richest man?

by GFeed News Desk
January 11, 2022
0

A cryptocurrency CEO has become one of the wealthiest people worldwide. Changpeng "CZ" Zhao, the founder of the cryptocurrency exchange...

IKEA to cut sick pay of Unvaccinated staff

IKEA to cut sick pay of Unvaccinated staff

by GFeed News Desk
January 11, 2022
0

IKEA has decided to reduce sick pay for all unvaccinated employees who are forced to self-isolate as a result of...

Chinese Stock prices are rising on the last year of Yoear

Chinese Stock prices are rising on the last year of Yoear

by GF Entertainment Desk
December 31, 2021
0

On the last day of the year, Chinese tech stocks got a strong boost in Hong Kong, but it's not...

Tencent to give away $16 billion of its stake in JD.com

Tesla being Federal investigated for allowing drivers play video games

by GF Tech Desk
December 23, 2021
0

Tesla is being investigated by federal safety inspectors over a function that allows drivers to play video games while driving....

Please login to join discussion

Recommended

Channing Tatum and Zoe Kravitz’s zodiac signs equal to perfect compatibility

Channing Tatum and Zoe Kravitz’s zodiac signs equal to perfect compatibility

April 10, 2022
Emma Raducanu vows to ‘come back stronger’ after dream run at Wimbledon ends

Emma Raducanu vows to ‘come back stronger’ after dream run at Wimbledon ends

July 6, 2021

Categories

  • Business
  • Entertainment
  • Fashion
  • Finance
  • Food
  • Health
  • Lifestyle
  • Sports
  • tech
  • Technology
  • Travel
  • Travel
  • Trending
  • Uncategorized
  • US
  • World

Don't miss it

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

On Friends, Tom Selleck, who plays Richard, talks about his experience

May 2, 2022
Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Angelina Jolie went to Ukraine, to meet children and volunteers

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

First look of P-Valley Season 2 has been revealed

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

With only 5 days till the screening of Doctor Strange 2, Marvel has released a teaser

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Everything you need to know about Borgen Season 4

May 2, 2022
  • About
  • Contact
  • Cookie Policy
  • Editorial Policy
  • Privacy Policy

© GoldscopeFeed 2020-21, All Rights Reserved.

No Result
View All Result
  • About
  • Cookie Policy
  • Privacy Policy
  • Contact

© GoldscopeFeed 2020-21, All Rights Reserved.