The U.S. economy added 528,000 jobs in July, a leap over economists’ estimates of 258,000.
This figure represents an increase in employment from June that saw 398,000 additional jobs added in an updated number released by the Bureau of Labor Statistics on Friday.
The unemployment rate dropped to 3.5 percent from the previous month’s 3.6 percent.
Overall employment levels, including the number of employees employed and the unemployment rate, have returned to pre-pandemic levels from February 2020.
Significant job growth was seen in leisure and hospitality as well as business and professional health services construction and manufacturing. The number of jobs in the retail trade sector rose by 22,000 during July, but there was no significant net gain from March. In July, retail employment increased by 208,000 jobs over February 2020.
At 3.5 percent, the unemployment rate fell just a bit from June, leaving 5.7 million people without jobs.
The average hourly wage increased by 15 cents or 0.5 percent in July, reaching $32.27 at the end of July. The average hourly wage has increased by 5.2 percent in the last twelve months. In the meantime, inflation is still at record-setting levels.
Consumer prices jumped by 9.1 percent in June compared to the same month one year ago, in line with the Bureau of Labor Statistics monthly report.
The hiring boom is occurring with a slowdown in the overall economy. Last week in there was a sign that the U.S.
economy retracted for the second time consecutively, triggering fears of recession.
Despite this, officials from the Federal Reserve and the Biden administration quickly declared it was not a recession. The U.S. is not in a slump at the very least. A. The Federal Reserve raised interest rates by 0.75 percent on Wednesday, reiterating the hike that was announced in June. In the aftermath of the economic downturn, retail, tech, media, and more firms have announced plans to streamline their operations to improve their operations. They also are letting employees move on to reduce costs.
The number of separations in June, which include layoffs, cuttings, and discharges totaled 5.9 million, with a rate of 3.9 percent, a tiny change from the previous month. Furloughs and layoffs totaled 1.3 million at a constant speed of 0.9 percent.
The number of people who quit their jobs is always high every month. In June, approximately 4.2 million people left their jobs, an average of 2.8 percent. This slightly dropped compared to the 4.3 million who quit their job in April.