A surprise in the employment report: about 528 thousand new jobs were added to the economy in July
United States economists believed that just over a quarter of a million new jobs would be added to the economy during July, but an official government report reveals that the figure is much higher. The unemployment rate continues to fall to historic levels
More than half a million new jobs were added to the American economy during the month of July, a fact that indicates that the American economy continues to recover from the Corona crisis.
Illustration (Photo: Getty Images)
According to the monthly report of the Bureau of Labor Statistics (BLS), 528,000 new jobs were added to the economy in July, and the unemployment rate fell to 3.5% (from 3.6%). For comparison, the prevailing opinion among US economists “B was that the unemployment rate would remain stable, and the number of new jobs would be only about 260 thousand.
Beyond the amount of new jobs, the report also revealed that the average hourly wage increased by half a percent compared to last month, and by 5.25 compared to July 2021. In the forecast published this week, economists wrote that they believe that the hourly wage will increase by 0.3% compared to June, and by 4.9% compared to the same month last year.
Similar to the previous reports, this time too the leisure and hospitality industry (hotels, etc.) led with the addition of about 96,000 new jobs. The health sector also finished the month in an excellent way, with about 70,000 new jobs, with about 57,000 government jobs They were also added during July.The construction industry grew by 32 thousand jobs, while the manufacturing industry added about 30 thousand new jobs.
Payroll employment rises by 528,000 in July; unemployment rate edges down to 3.5% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) August 5, 2022
According to the BLS, since April 2020 (when most of the American economy was shut down due to the crisis) more than 22 million new jobs have been added to the economy.
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