U.S. Surpasses Expectations and Adds 372,000 Jobs in June
Amid recession fears, economists were forecasting that 270,000 jobs would be added in June (2022) — however the Bureau of Labor Statistics reported that U.S. employment in June rose by 372,000, and the unemployment rate remained at 3.6%.
In a recent statement, President Joe Biden had this to say about this encouraging job growth:
“This has been the fastest and strongest jobs recovery in American history, and it would not have been possible without the decisive action my Administration took last year to fix a broken Covid response, and pass the American Rescue Plan to get our economy back on track.”
The statement from President Biden went on to say that the private sector has “recovered all of the jobs lost during the pandemic, and added jobs on top of that.”
Is the job market increasing?
Despite this upward employment trend, the Bureau of Labor and Statistics also reports that 5.9 million Americans are still out of work and 2.1 million workers reported that they had been unable to work or were forced to work fewer hours because their employer either closed or lost business due to the Covid 19 pandemic.
These numbers, coupled with the highest inflation rates the U.S. has seen since 1981, has left many Americans with concerns over whether or not a recession is on its way, if not already here.
Industries with the highest job growth in June
While employment is trending upwards, it’s important to note which industries are making up the lion’s share of this growth.
Professional and business services
Professional and business services added 74,000 jobs and is made up of jobs in subsectors like management of companies and enterprises, computer systems design and related services, office administrative services, and scientific research and development services.
This is notable as many businesses begin to return to the office and as the tech industry booms.
Leisure and hospitality
Leisure and hospitality added 67,000 jobs and is made up of jobs in subsectors like food services
and drinking places and is unsurprising as restrictions lift on many of the services that fall within this category and the public begins to resume travel, nightlife, and entertainment.
Health care added 57,000 jobs and is made up of jobs in subsectors like ambulatory health care
services, hospitals, and nursing and residential care facilities.
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