Bureau of Labor Statistics
US economy added more jobs than expected last month, and there is appetite for workers, especially in the service sector, which is already struggling with labor shortages.
According to the U.S. Bureau of Labor Statistics, the entertainment and hospitality sectors posted the most job growth, with 96,000 payrolls added in July, led by strong expansion in dining venues. , according to the US Bureau of Labor Statistics.
Restaurants and airlines have been trying to rearrange their rankings since the economy began to reopen. The Covid-triggered lockdown in 2020 has resulted in mass layoffs and Feather cakes for chefs and waiters and other service staff.
Meanwhile, employment in professional and business services continued to grow, with an increase of 89,000 in July. In the industry, job growth is common in the management of companies and factories, architectural and engineering services, and scientific research and development.
“It’s not just a strong overall number that shows the health of the job market – growth is broad-based and not limited to jobs,” said Mike Loewengart, managing director of investment strategy at E-Trade. one or two areas,” said Mike Loewengart, managing director of investment strategy at E-Trade.
The healthcare industry also posted strong job growth last month, with 70,000 people added. The goods manufacturing sectors also posted solid gains, with construction up 32,000 and manufacturing up 30,000.
The unemployment rate fell back to pre-pandemic levels of 3.5% in July, below the Dow Jones estimate of 3.6% and tied to its lowest level since 1969.
“The economy is clearly on the upswing as this morning’s jobs report showed growth across all sectors,” said Peter Essele, head of portfolio management at Commonwealth Financial Network. “Strong job growth and moderate price inflation should help prolong the current downturn through year-end.”
