[The Epoch Times, August 6, 2022](Compiled and reported by Epoch Times reporter Takasugi)U.S.economyThe number of new jobs added in July was much higher than expected. Demand for workers is particularly high in the service sector, which has been grappling with labor shortages.
according toU.S.The latest data from the US Bureau of Labor Statistics, the US non-farm payrolls in JulyemploymentA substantial increase, with 528,000 new jobs added, making up for jobs lost after the pandemic.Leisure and hospitality saw the biggest job gains, adding 96,000 jobs in JulyCareer Opportunitiesmainly driven by the strong expansion of the restaurant industry.
sinceeconomyRestaurants and airlines alike have been scrambling to replenish their workforces since they began reopening. In 2020, the widespread closures triggered by the Covid-19 outbreak have led to massive layoffs and furloughs for chefs and servers, as well as other service workers.
At the same time, professional and business servicesemploymentIt also continues to grow, adding 89,000 in July. Within the industry, job growth is prevalent in the management of companies and businesses, construction and engineering services, and scientific research and development.
Mike Loewengart, managing director of investment strategy at U.S. brokerage E-Trade, said: “This is not just a strong total that highlights the health of the job market right now, it shows growth. It’s comprehensive and not limited to one or two industries.”
The U.S. health care industry also experienced strong job growth last month, adding 70,000 jobs. The job market in goods-producing industries also posted solid gains, with construction up 32,000 and manufacturing up 30,000.
Unemployment fell back to its pre-pandemic level of 3.5% in July, below the Dow Jones estimate of 3.6% and tied for the lowest level since 1969.
Peter Essele, head of portfolio management at Commonwealth Financial Network, a Boston-based financial institution, commented: “This morning’s jobs report shows that all industries are growing, and the economy is clearly at full speed. Strong job growth and moderate Price inflation, should help extend the current easing rebound into the end of the year.”
While jobs have risen sharply, unemployment has fallen. Data released by the U.S. Department of Labor on Friday (August 5) showed the unemployment rate fell to 3.5%, a 50-year low before the pandemic in early 2020. In the first half of 2022, U.S. employment has grown faster than any period since World War II when the economy began to shrink.
In addition, the labor force participation rate fell slightly to 62.1% in July from 62.2% the previous month. Average hourly earnings rose 5.2% in July from a year earlier, a slight acceleration from the previous month.
Responsible editor: Ye Ziwei