January 28, 2023

Taylor Daily Press

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U.S. job growth is higher than expected, but the employment rate is below pre-corona levels

U.S. job growth is higher than expected, but the employment rate is below pre-corona levels

In the United States, less than 531,000 jobs were added in October. This is more than the 450,000 additional jobs the market predicted. This is according to the monthly report of the Ministry of Labor.

Job creation in the United States has accelerated. Then Jobs increased by 312,000 in September, There were 531,000 additional jobs in October. There has been a sharp increase in the number of jobs by the private sector, which added 604,000 jobs. This increase will offset government job losses. In October, there were less than 73,000 government jobs

The impact of the corona crisis is diminishing

As the impact of the corona crisis dwindles, many new jobs are being created in the United States. For example, when looking at the catering and leisure sector, we look at two sectors that have been hard hit by the Corona crisis. So these sectors have strong job growth in October: 164,000 new jobs. By 2021, those two sectors have already recovered 2.4 million jobs lost during epidemics.

“If we are not sidelined by a sharp increase in the number of corona infections, we could have a recovery like this,” said Nick Bunker, director of economic research at the employment site, which responded to the report. CNBC. “If we’re going to see job growth like this in the coming months, we’re on the right track.”

The unemployment rate last month was 4.6 percent. In September, the unemployment rate was still 4.8 percent. Economists expect it to fall to 4.7 percent in October.

Unchanging labor participation

Despite the declining unemployment rate, the U.S. employment rate remains stable at 61.6 percent. This is 1.7 percentage points lower than the February 2020 level before the start of the global health crisis. Millions of Americans have not returned to the job market since the outbreak, for example, because they feared they would retire early or be infected with the corona virus.

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Something difficult Look for new workers Translates to higher pay. These rose 0.4 percent in October, according to estimates. They are up 4.9 percent year-over-year. In particular, the average wage in the United States increased by $ 0.11 to $ 30.96.

(LP)