The United States job market continued the strong trend of the last few months in terms of job addition. According to Labor Department, the U.S. employers managed to add 372,000 new jobs during the month of June. In addition, the unemployment stood at 3.6% without any change from the last month.
Employment growth exceeded expectations
Washington and Wall Street had keenly awaited the new data after a series of weaker economic indicators. However, the June’s job numbers exceeded economist’s expectations by about 100,000 jobs. Although the economists forecasted an addition of just 265,000 new jobs at the back of tight economic conditions.
The jobs in United States grew by an average of 375,000 new jobs per month. However, it has declined to from a monthly pace of 539,000 during the first quarter of this year. In addition, employers have managed to retain their workers in the recent months which has reduced the pace of ‘the Great Resignation’ phenomena. Therefore, the unemployment claims rose slightly as compared to a historically low level of March this year.
Pre-pandemic employment levels are achieved
Moreover, the United States economy have achieved the pre-pandemic employment level. The White House also trumpeted this as an achievement. However, the number is still low what would have been expected in absence the pandemic. “We’ve essentially ground our way back to where we were pre-Covid. So, this doesn’t necessarily look like a dire situation, despite the fact that we’re struggling with inflation and economic declines in some other dimensions.” Christian Lundblad, a professor of finance at the Kenan-Flagler Business School at the University of North Carolina commented on June’s job numbers. Economists are widely expecting monthly job creation to slow given the strength of the recovery.
Professional and business services led jobs growth
Professional and business services jobs witnessed the biggest jump for June 2022. The sector added 74,000 new jobs. Similarly, jobs in leisure and hospitality sector grew by 67,000. Coronavirus had a severe affect on employment of the sector. Despite addition of 67,000 new jobs, there is still a gap of whooping 1.3 million jobs as compared to pre-pandemic levels. Moreover, transportation and warehousing sector added 40,000 jobs, Whereas, manufacturing sector created 30,000 new positons.
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