Data could give the Federal Reserve ammunition to raise interest rates again, though wage growth is slowing.
www.reuters.com
"Job Growth sizzles"........................................Read into this article.
"The jump in employment, the extremely low level of unemployment claims, and the rise in job openings keep alive the possibility of the Fed raising rates one more time this year," said Kathy Bostjancic, chief economist at Nationwide. "Moreover, it underscores that they will be in no hurry to cut rates - higher rates for longer."
The broad increase in payrolls was led by the leisure and hospitality industry, which added 96,000 jobs. (The lowest paying wage jobs) Restaurants and bars dominated, with 61,000 positions created,
returning employment in the sector back to its pre-pandemic level. How many of these are 2nd, or additional jobs people now need to work just to keep up.
Government employment increased by 73,000 jobs, boosted by state government education and local government, excluding education.
Government employment remains below its pre-pandemic level by 9,000 jobs. So they are NOT new jobs. The healthcare sector added 41,000 jobs, lifted by ambulatory healthcare services, hospitals, nursing and residential care facilities.
There were gains in professional, scientific and technical services employment, though temporary help hiring continued to decline. Employment in the transportation and warehousing industry also rose as did retail and construction payrolls.
The moderation in wages was likely because
most of the jobs added last month was in lower paying industries.
finance.yahoo.com
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