US employment rose more than expected in July


    According to report Washington Bureau of Labor Statistics, in July 2022, the employment rate in the United States rose more than expected. The total number of employees has returned to pre-pandemic levels.

    The U.S. nonfarm payrolls added 528,000 new jobs in July, well above the market forecast of 250,000, revised up to 398,000 last month.

    Jobs increased in July across a wide range of sectors, with the largest gains in leisure, hospitality, professional and business services, and medical services.

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    Total non-farm payrolls increased by 22.0 million since hitting a low in April 2020. Employment in the private sector was 629 thousand higher than last month.

    However, pre-pandemic employment levels have yet to recover in many sectors. Public sector employment is even 597,000 below pre-pandemic levels.

    The unemployment rate fell to 3.5% in July 2022 – the lowest level since February 2020 – from 3.6% in June. Analysts also expected the unemployment rate to remain unchanged in July, as it was in June. However, these expectations were not justified. The labor market has grown.

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