State of the Union: The job numbers for May and June were revised downward. The post American Economy Shed 23,000 Jobs in July appeared first on The American Conservative .
The U.S. economy shed 23,000 jobs in July, according to data released by the Bureau of Labor Statistics (BLS) on Friday. Economists surveyed by Bloomberg had projected 80,000 job gains in July. The BLS reported that employment “declined in local government, education, and retail trade” but “continued to trend up in health care.” Hiring numbers for the months of May and June, meanwhile, were revised downward by a combined 103,000 jobs — to 63,000 and 20,000 jobs added, respectively. The unemployment rate, currently at 4.1 percent, changed little in July, while labor force participation is down 0.7 since January, to 61.4 percent. About 264,000 people left the labor force in July, and people who are no longer in the…Open
State of the Union: The Bureau of Labor Statistics report increased expectations of a rate hike by the Federal Reserve by the end of the year. The post June Jobs Report Underperforms Expectations appeared first on The American Conservative .
The U.S. economy added 57,000 nonfarm payroll jobs in June, below the 110,000 that economists expected . The unemployment rate fell slightly from May’s 4.3 to 4.2 percent. This month’s report follows May’s addition of 172,000 jobs and an upward revision of April’s report by 64,000 to 179,000. Labor-force participation decreased by 0.3 to 61.5 percent, the lowest since March 2021. According to the household data, the number of people not in the labor force grew by 832,000. The establishment survey data saw positive job growth in social assistance, professional and business services, and healthcare. Leisure and hospitality jobs declined. A steady job market provides room for the Federal Reserve to raise interest rates,…Open
Data: Bureau of Labor Statistics; Chart: Neil Irwin/Axios The U.S. labor market has found its footing: A yearlong pattern of whipsawing between job gains and losses is finally breaking, a sign that stabilization is taking hold. Why it matters: The labor market is holding up despite a wall of headwinds, including an energy shock stemming from the Iran war and the uncertainty that comes with the conflict. So far, the damage that was expected to ripple through hiring simply hasn't shown up. - But this isn't the gangbusters hiring environment of 2022. It's something steadier and possibly more fragile, with warning signs in the underlying data. - Still, the firming evident in a range of data lessens the chances for further interest rate cuts…
Data: Bureau of Labor Statistics; Chart: Neil Irwin/Axios The U.S. labor market has found its footing: A yearlong pattern of whipsawing between job gains and losses is finally breaking, a sign that stabilization is taking hold. Why it matters: The labor market is holding up despite a wall of headwinds, including an energy shock stemming from the Iran war and the uncertainty that comes with the conflict. So far, the damage that was expected to ripple through hiring simply hasn't shown up. - But this isn't the gangbusters hiring environment of 2022. It's something steadier and possibly more fragile, with warning signs in the underlying data. - Still, the firming evident in a range of data lessens the chances for further interest rate cuts…Open