US Labor Department Report : People expected a stronger U.S. Labor Department report on July job growth. The economy may slow, but no recession is expected. The Dow Jones predicted 200,000 jobs, but only 187,000 were reported. Though lower than predicted, it was better than June’s 185,000.
July’s 3.5% jobless rate surprised analysts. They expected 3.42%. This rate is higher than the 1969 low. Monthly hourly earnings increased by 0.4%. This aids the Fed in managing inflation. It rose 4.2% in a year. Both numbers surpassed expectations. 0.3%4.2% were approximated. However, it only took 32.6 hours.
The poll showed that 62.6% of adults were employed or actively seeking jobs, unchanged in five months. 2564-year-olds’ rate decreased to 83.4%. The unemployment rate fell to 6.7% in July, including discouraged workers and part-time workers. 0.19% lower than June. The rate increased by 268,000, per the household survey.
Hearing about it boosted stocks. The Dow Jones rose 200 points in the first hour, fantastic! However, Treasury bond prices dropped, which is awful. Healthcare added the most jobs last month. They created 60,000 employees. Helping people (22,800), handling money (18,050), and selling in bulk (17,100) were also additional occupations. “Other services” employed 19,000. 10,450 were in personal and cleaning services.
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Despite the Fed raising rates to control inflation and slowing job growth, the U.S. economy is strong. The economy is growing due to increased spending and stronger service industry, despite recession predictions. The economy grew 2.2% annually in H1 2023. The Atlanta Fed’s GDPNow predicts 3.9% Q3 growth.
Some think the job market is slowing, but most think it’s strong. Chairman Powell and others say raising interest rates has yet to achieve desired results. On Sep 19-20, the market expects the Fed to keep interest rates unchanged by 83.5%. They’re finished raising rates for now.
Despite improved inflation data, the Fed’s preferred metric indicates a 4.1% annual price increase, double the central bank’s target. Salaries impact inflation, despite hourly wages decreasing since last year. Goldman Sachs and Bank of America’s recession pessimism calms Wall Street. The U.S. may not be in a recession.
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How do I file a complaint with the US Department of Labor?
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What is US employment report?
In December, US payrolls surged by 216,000, surpassing most economist predictions and marking the highest increase in three months. However, this was offset by a combined 71,000 downward revisions for November and October. Despite this, the unemployment rate remained steady at 3.7%, defying expectations of a rise to 3.8%.
What does the Department of Labor do for us?
The Department of Labor (DOL) is dedicated to improving the lives of job seekers, wage earners, and retirees in the United States. By enhancing working conditions and creating opportunities for profitable employment, the DOL helps to protect retirement and healthcare benefits. Additionally, the department assists employers in finding qualified workers.
Where can I find US employment data?
According to the U.S. Bureau of Labor Statistics, there has been a significant increase in employment rates in recent years. This is a positive sign for the economy and job market. The statistics show that more people are finding work and contributing to the workforce. It is important to continue this trend and support job growth in order to maintain a healthy economy.