1/15/2024 0 Comments April weather chicago![]() ![]() Additionally, job growth has tailed off somewhat in leisure and hospitality. However, since January, the pace of monthly job gains has moderated considerably from what was seen during the past two years, and April and May were even cooler than previously thought as they were revised down by 77,000 jobs and 33,000 jobs, respectively. Service industries have driven much of the job growth in recent months as sectors such as leisure and hospitality sought to claw back from the deep job losses delivered by the pandemic as well as to respond to the release of pent-up demand from consumers who had previously suppressed experiential spending. Through the first half of 2023, the economy has added 1.67 million jobs, the 12th largest January to June total on record, BLS data shows. While the Federal Reserve has tried to cool the economy with 10 consecutive rate hikes, the labor market initially remained impervious to those efforts - especially when nearly half a million jobs were added in January. “In the tug of war between the labor market and the economy, there is still a push and pull, yet the labor market remains strong,” Becky Frankiewicz, president and chief commercial officer of ManpowerGroup, said in commentary issued Friday. The participation rate for women between 25 and 54 years old climbed to an all-time high of 77.8%, continuing a record-breaking streak. In June, the overall labor force participation rate was unchanged for the fourth consecutive month at 62.6%, but more women are working than ever before. US employers have now added jobs for 30 consecutive months. The unemployment rate ticked down to 3.6% from 3.7% the month before, according to the report. We’re continuing to see the soft landing that we’re hoping for.” “The job growth is slowing, but I don’t actually think that’s necessarily a bad thing,” Rucha Vankudre, senior economist for labor market analytics company Lightcast, told CNN. That being said, last month’s job growth still outpaces the pre-pandemic average. It’s the lowest monthly gain since a decline in December 2020, and - excluding the losses seen during the first year of the pandemic - June’s total is the smallest since December 2019. The June job gains, released Friday by the Bureau of Labor Statistics, were nearly 100,000 positions below May’s stronger-than-expected showing of 306,000 and also fell below economists’ expectations for a net gain of 225,000 jobs. The US job market cooled back down in June, adding just 209,000 jobs, and fueling optimism that the economy is on course to nail that elusive soft landing of lowering inflation without triggering a recession. ![]()
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