Hot Job Market Gets Hotter
Christmas in July - Hot Job Market Just Warming Up
CNBC reports “Hiring in July was far better than expected, defying multiple other signs that the economic recovery is losing steam.”
The US Bureau of Labor Statistics released data showing nonfarm payroll employment increased by 528,000 in July. Compared to the average monthly gain of 388,000/month over the previous four months, this is a big leap!
Moreover, the unemployment rate dropped to 3.5% (or 5.7 million) with the leading growth gains in professional and business services along with leisure/hospitality and health care. Employment in professional and business services grew by 89,000 in July alone. In total, the nonfarm payroll employment has increased by 22 million since April 2020.
As of July, the US unemployment rate has returned to pre-pandemic levels seen February 2020!
Average hourly earnings increased 0.5% in July, bringing the earnings increase over the past 12 months to 5.2%.
According to CNBC, this report shows “that the labor market remains strong despite other signs of economic weakness. ‘There’s no way to take the other side of this. There’s not a lot of, ‘Yeah, but,’ other than it’s not positive from a market or Fed perspective,’ said Liz Ann Sonders, chief investment strategist at Charles Schwab. ‘For the economy, this is good news.’”
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