(AP Photo/Charles Krupa, File) The Bureau of Labor Statistics says that the U.S. economy created 850,000 new jobs in June, surpassing expectations and leading to hopes that the long-awaited recovery in the labor market is finally picking up steam.
The rate of unemployment rose to 5.9 percent from 5.8 percent, reflecting possible disruptions in manufacturing supply chains.
With restrictions on seating capacity lifted, bars and restaurants appear to finally be gaining ground. Employment surged in the leisure and hospitality sector, with 343,000 jobs added, more than half of that in restaurants and bars. Hotels and other accommodations added 75,000.
But the number of people who are employed was still far below the pre-pandemic peak of 152 million in February 2020. The addition of 850,000 jobs brought national employment to just 145 million.
Washington Post: Average earnings too, continued to increase, climbing 10 cents for all employees to $30.40 an hour, following larger increases in May and April. The Bureau of Labor Statistics said the wage increases reflect increased demand for labor at this stage of the recovery. Job growth in April, revised down to 269,000, and May, revised up to 583,000, while not anemic, fell well below the hopes that more than one million jobs could be added per month in the spring. Republicans had tried to seize on those reports to suggest that Biden’s economic agenda was falling short. Some 25 states have ended all or part of the federal unemployment benefits that had been extended twice during the pandemic. Do […]