The United States increased employment by a total of 315,000 in August

The United States added an additional 315,000 jobs in August, according to data released by the Bureau of Labor Statistics (BLS).

The latest figures bring the number of jobs 240,000 higher compared to the pre-pandemic level achieved in February 2020, and in the last 12 months the number of jobs has increased by 5.8 million.

Job creation slowed slightly in August compared to the previous month when there was an increase of 528,000 jobs.

However the latest figures do not come as a surprise to analysts, as many expected an increase of around 300,000 positions.

Job growth was led by technology and business services, which created 68,000 jobs, mainly in computer systems design, management and information technology, construction, and engineering.

Health care employment rose by 48,000, with the highest number of positions in hospitals and doctor’s offices.

The retail sector was not far behind, creating 44,000 jobs, with retail, food and drink and health and care facilities leading the way.

Manufacturing and finance jobs also rose by 22,000 and 17,000, respectively.

All workers received a minimum hourly wage increase of 10 cents to $336.

Over the past 12 months, hourly earnings have increased by 5.2% but punishing inflation which appears to have risen by 9.1% in June has further boosted earnings.

Some workers are also returning to the office, as the number of telecommuters fell to 6.5% in August, down 0.6% month-on-month. This can provide further economic development in towns and cities as footfall is increasing.

Unemployment Rises

The unemployment rate also rose in August by 0. On the same subject : Europe Travel: Your Guide to Planning a Summer Trip.2% to 3.7%, leaving the number of unemployed at 6 million.

In July unemployment numbers had returned to pre-pandemic levels.

Breaking down unemployment, the BLS found that the number of people who lost their jobs permanently increased by 188,000 to 1.4 million in August, while the number of people temporarily out of work was unchanged at 782,000.

The number of long-term unemployed, defined as those without a place for 27 weeks or more, remained stable at 18.8% of all unemployed.

However, the labor force participation rate increased by a narrow 0.3% compared to July at 62.4%, still 1.1% lower than before the outbreak of the Corona virus in February 2020.

Interest Rates Highly Likely to Increase Further  

The United States labor market this year has been the top performer in the world economy, despite all the headwinds it is facing from rising prices to global instability due to the war in Ukraine. On the same subject : Netflix is ​​adding 20 new movies and series this week.

However, its strength and continued high inflation will likely send strong signals to the Federal Reserve to continue its rate hike policy at its next meeting later this month, which will hurt businesses and households alike.

The chairman of the Fed, Jerome Powell, recently gave a hawkish speech clarifying how determined he is to reduce inflation.

Audit and consulting firm RSM recently prepared a study and concluded that even if the Fed were to repeat the increase in interest rates from 2% to 3%, this would require the loss of 1.7 million jobs and bring unemployment to 4.6%.

US Dollar Maintains Edge over Pound   

After the release of the jobs data, the US dollar continued its current dominance over the fall of the British Pound as the GBP/USD currency pair fell. See the article : Streaming in Canada on Amazon Prime Video, Apple TV+, Crave, Disney+ and Netflix [July 25-31]. despite a small 0.11% margin, leaving a dollar worth £0.87.

In other currency pairings, the EUR/USD currency pair fell by 0.57%, while the USD/JPY exchange rate remained stable.

The pace of hiring picked up unexpectedly last month, as the US labor market showed remarkable strength in the face of rising inflation and a softening economy. Employers added 528,000 jobs in July according to the Labor Department – the fastest pace since the previous month.

Where is the easiest place to get a job?

The top 10 easiest countries to get a work visa are as follows:

• Estonia.
• Norway & Svalbard.
• Australia.
• New Zealand.
• Germany.
• Netherlands.
• South Korea.
• Canada.

In which country is it easier to find a job? Netherlands If you have a great idea for a new business or product, this may be the easiest country to get a work visa. The Netherlands offers a one-year residency for foreigners to start a business. After 12 months, businesses apply for a self-employment permit.

Are we in a recession 2022?

And it remains possible that the economy will fall so much in the coming months that economists at the National Bureau of Economic Research, the arbiter of the recession debate, will finally say that the recession began in early 2022.

Is there a recession coming in 2022? “Although the economy contracted for two consecutive quarters in the first half of 2022, the strong labor market means we are not currently slowing down,†said Frank Steemers, chief economist at The Conference Board.

Are we officially in a recession?

WASHINGTON (AP) – The administration on Thursday updated its forecast for the US economy in the April-June period and confirmed what it had said last month: That the economy has declined in two vertical directions. A six-month contract is a long-standing informal definition of a recession.

What happens in a recession?

In a nutshell, a recession is when economic activity slows down over a period of several months, characterized by GDP contraction, high unemployment and a decline in consumer spending. During a recession, people may experience major disruptions in their daily lives.

Is a recession coming in 2023?

A Johns Hopkins economist predicts a ‘whopper’ recession in 2023 – and points to one key economic reading that the Fed is missing.

What is job opening rate?

The job opening rate is calculated by dividing the number of job openings by the number of jobs and job openings and multiplying the quotient by a percentage.

What is a typical vacancy rate? The established market benchmark for the vacancy rate is around 3.5% but much depends on the country, the industry, and the organization itself. Traditionally, the vacancy rate is very high in the health sector or in industries where certain skills are lacking.

What percentage of job openings are published?

And yet, there is still a job search myth that continues to pervade the minds of job seekers, and it is this: About 70-80 percent of job listings are never made public. Instead, they are filled through word-of-mouth, or networking.

What do job openings mean?

JOLTS defines Job Openings as all positions open (unfilled) on the last business day of the month. A job is only “open” if it meets all three of the following conditions: A specific position exists and there is a job available for that position.

How many jobs were added in the month of August?

U.S. added 315,000 jobs in August as labor market remains strong US workers added 315,000 jobs in August, while the unemployment rate rose to 3.7% from 3.5% in July. A tight labor market gives workers more bargaining power, but it can also increase inflation.

How many people were hired in December? There were 4.6 million more job openings than unemployed workers in December. Job openings reached 11 million in December, more than 4.6 million above the unemployment rate, according to the Labor Department.

How many jobs were created in August?

The US labor market added 315,000 jobs last month, hitting a 20-month high in the strongest job growth that is bolstering the economy through fierce inflation.

What is the unemployment rate in the month of August *?

The US economy gained 350,000 jobs in August, and the unemployment rate rose to 3.7%, according to figures released Friday morning by the US Bureau of Labor Statistics.