Thursday, August 18, 2022
73.1 F
Oxnard
More

    Latest Posts

    Two Visions of America by Don Jans

    US Economy Blows The Roof Off Expected Job Gains In July

    Sponsored - Job Posting

    We are a small but mighty business in Ventura, CA specializing in Civil/Agricultural Engineering and Land Surveying. Going strong for over 35 years. Looking for motivated team players for immediate hire. Candidates must have at least 3 years of experience in Civil Engineering, Land Surveying, and AutoCAD Civil 3D. Must want to grow with the company. For the right person, management potential. Wages will depend on experience. Benefits include paid holidays, matching retirement plan & much more. Send resumes to: [email protected]

    YCE, Inc. is an Equal Opportunity Employer. Tel: 805-650-6995www.YCEinc.com

    daily caller

    By Max Keating

    The U.S. economy added 528,000 jobs in June, according to Department of Labor (DOL) data released Friday, more than double economists’ projections of 250,000 new jobs.

    The unemployment rate edged down to 3.5%, according to the DOL’s report, which was also below economists’ predictions of 3.6%, according to The Wall Street Journal. The economy outperformed last month’s high job growth of 372,000, which had itself outpaced expectations, indicating that the Federal Reserve’s interest rate have not begun to cool off the economy.

    Job gains in July were reported across the economy, but were particularly high in the leisure and hospitality, professional and business services and health care sectors. The labor force participation rate of 62.1% remained below its February 2020 pre-pandemic level of 63.4%.

    Over the last four months the average monthly gain was 388,000, according to the report.

     

    The U.S. economy has posted consecutive quarters of negative GDP, which some consider to be, by definition, a recession, according to previous DCNF reporting.

    But the Biden administration and Federal Reserve Chair Jerome Powell have argued that a strong labor market is one reason why the economy is not yet in a recession, since technically the National Bureau of Economic Research — the semi-official arbiter — defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months” and, among other things, looks at employment statistics to determine if that has happened.

    “I do not think the U.S. is currently in a recession. And the reason is there are just too many areas of the economy that are performing too well. And of course, I would point to the labor market, in particular,” Powell said last week after the central bank raised interest rates by 0.75% to a new target range of 2.25% to 2.5%.

    There are far more job openings that unemployed workers, according to a recent report from the National Federation of Independent Business, making it a very difficult time for businesses seeking to hire.

    The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.

    SOURCE


    TELL YOUR FRIENDS ABOUT CITIZENS JOURNAL  Help keep us publishing –PLEASE DONATE

    - Advertisement -

    1 COMMENT

    0 0 votes
    Article Rating
    Subscribe
    Notify of
    guest

    1 Comment
    Newest
    Oldest Most Voted
    Inline Feedbacks
    View all comments
    Sheryl Hamlin
    12 days ago

    Dig deeper and the problems will become apparent. People having multiple jobs is not healthy…

    https://www.zerohedge.com/markets/something-snaps-job-market-multiple-jobholders-hit-all-time-high-unexplained-18-million

    Latest Posts

    advertisement

    Don't Miss

    Subscribe

    To receive the news in your inbox

    1
    0
    Would love your thoughts, please comment.x
    ()
    x