The U.S. Department of Labor reports that the job increase helped lower unemployment back to a pre-pandemic low of 3.5 percent. Employment growth exceeded in June 2022 has been adjusted higher.
Job seekers queue for registration at the Employment Center in Washington DC. American. (Photo by Vietnam News Agency)
Official data released on August 5 showed that the U.S. job market had a bright signal in July 2022 as the economy unexpectedly added 528,000 jobs, dispelling all speculation about the decline.
The White House even agrees with most economists in anticipating a slowdown in employment growth, at just 250,000 in July 2022.
A forecast that President Joe Biden thinks is part of the natural slowdown following the rapid recovery of the world's largest economy after the pandemic.
Meanwhile, wages skyrocketed, with average hourly earnings rising 15 cents from June 2022, which would inevitably raise concerns about inflation, as the Federal Reserve sharply raises interest rates to cool the economy amid inflation rising to its highest level in more than 40 years.
The U.S. Department of Labor reports that the job increase helped lower unemployment back to a pre-pandemic low of 3.5 percent. And the surpassing job growth in June 2022 has been adjusted higher.
[U.S. unemployment applications rise to 8-month highs]
Data shows that the total number of jobs in the non-agricultural sector also recovered to pre-pandemic levels.
Recruitment increased sharply in the recreation, hospitality and healthcare sectors, each increasing by 96,000 or more jobs, while manufacturing and construction sectors increased by 32,000 or more jobs.
Construction companies have struggled for months to find workers who meet high construction demand. However, employment in this field has now returned to pre-pandemic levels./.
At the moment, the U.S. economy is said to have not receded. However, the story of the coming time may be completely different...
According to one study, states in the U.S. early end of emergency unemployment benefits have seen a slight decline in unemployment but spending and incomes plummeted, a reality that could take place across the U.S. as subsidies programs end altogether.
The states of Iowa, Alabama, Arkansas, Mississippi, Montana and South Carolina announced additional subsidies that were planned to be paid through September as part of the stimulus package is worth 1 1,900 billion.
The U.S. economy declined in the first three months of 2022 despite consumers and businesses continuing to spend at a steady pace. However, the decline of gross domestic product (GDP) - the widest measure of economic output - is unlikely to signal the beginning of a recession for the U.S. economy.
In the United States, shortages of metal, plastic, wood and even wine bottles are now common.
According to a survey by the National Association of Business Economists (NABE) published on Jan. 24, U.S. companies have had a good year of business, but all are concerned about the trend of the number of cases of COVID-19 rising again, although supply problems are expected to cool down.