• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » US’ July job growth restores nat’l employment to pre-pandemic levels

US’ July job growth restores nat’l employment to pre-pandemic levels

US’ July job growth restores nat’l employment to pre-pandemic levels

The job growth in the United States (US) grew unexpectedly in July despite widespread expectations of a slowdown as the Federal Reserve raises interest rates to fight inflation.

According to the Labor Department, employers added 528,000 jobs on a seasonally adjusted basis, doubling what forecasters had projected. The unemployment rate also declined to 3.5%. 

Leisure and hospitality businesses led the gains, adding 96,000 jobs last month. Professional and business services followed close behind with 89,000 jobs. At the same time, the construction industry added 32,000 jobs.

The public sector added 57,000 employees, particularly teachers, but remained 2.6% below its pre-pandemic level.

The only broad industry to lose jobs in July was auto manufacturing, which shed about 2,200 as companies continued to struggle to obtain the parts necessary to produce finished vehicles. 

A report by the New York Times said that the fear of a recession motivated more people to take jobs while they were still available and stay put in their current ones. 

Meanwhile, Simona Mocuta, chief economist at State Street Global Advisors, said that workers had the “luxury of choice” regarding employment. 

“If indeed the consumer sentiment surveys are right and the sense is that things are starting to shift, maybe there’s an incentive for you to make your choice and be done with it,” Mocuta added.

Read more here.

 

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image