Employment Rose by 528,000 in July
Washington, DC, August 5, 2022- Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5%, the U.S. Bureau of Labor Statistics reported.
Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.
Says the Wall Street Journal, “The U.S. economy added a robust 528,000 jobs in July, recouping the number of payrolls lost in the wake of the pandemic, the Labor Department said on Friday.
“The unemployment rate also dropped to 3.5%, a half-century low also seen just before the pandemic in early 2020. The acceleration follows a first half of the year that was faster than during any other post-World War II period when the economy began contracting.
“The labor-force participation rate-or the share of adults working or seeking a job-ticked down to 62.1% in July from 62.2% a month earlier. Average hourly earnings grew 5.2% in July from a year earlier, a slight acceleration over the prior month.
“Job gains were widespread last month. Employers in leisure and hospitality added jobs at a solid clip, as restaurants and bars continued to recover. Payrolls also grew in healthcare and professional and business services, which includes many white-collar jobs.”