In July, the economy added 528,000 jobs in US
Employers in the United States created a record-breaking 528,000 new jobs in July as the labour market continued to defy soaring inflation, rising interest rates, and a slowing economy while regaining all 22 million jobs lost during the COVID-19 pandemic.
According to the Labor Department, the unemployment rate decreased from 3.6 per cent to 3.5 per cent, matching a 50-year low that was attained just before the pandemic started in early 2020.
According to a Bloomberg survey, economists predicted that 250,000 jobs were gained last month. The payroll growth in July was widespread. The COVID-19 sector that was severely impacted, leisure and hospitality, which includes restaurants and bars, led the employment increases with 96,000.
Health care added 70,000 jobs, followed by professional and business services with 89,000; construction with 32,000; manufacturing with 30,000; and retail with 22,000 jobs. 57,000 new positions were added by the federal, state, and municipal governments.
Source - USA Today
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