US employment rates are back to their pre-pandemic levels
Around 528,000 employment opportunities were opened in the United States (US) in July, contributing to the 152 million jobs across the country.
According to the US Bureau of Labor Statistics (BLS), this figure is enough to bring employment rates in the country back to their pre-pandemic levels.
Meanwhile, the unemployment rate edged downward to 3.5% from June’s 3.6% in June. The college-level unemployment rate fell to 2.0% in July from 2.1% in June.
Among various sectors, the BLS noted that the leisure and hospitality segment added 96,000 jobs during the month. The professional and business services segment added 89,000 jobs in July; employment is 986,000 higher than in February 2020.
At the same time, healthcare employment rose by 70,000 jobs during July, though employment in the segment remains below its February 2020 level of 78,000.
Average hourly earnings for all employees on private, nonfarm payrolls also rose by 15 cents in July to $32.27.
Timothy Landhuis, VP of Research at Staffing Industry Analysts, said the employment growth implies that the employer’s “appetite to bolster their workforces” eclipses any economic concerns in the country.
