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Universes
Kelly
Posted Friday, August 5, 2022
1y
ENFP
The US jobs slowdown economists have been expecting isn't materializing
The latest job numbers just came out and the US economy added 528,000 jobs in July. That is double what economists expected. The unemployment rate is down to 3.5%, the lowest in nearly a half century. It's mostly good news, though the problem now is there are only 5 million people searching for jobs (1.7 million are receiving unemployment), yet 10 million open job positions. That's only 1 worker for every 2 job openings. The good side of such a tight labor market is wages are rising fast, especially for people who switch jobs right now, and people in service industries. But the bad side is that for most people except the employees at the bottom, wage growth is being outpaced by inflation, which means life is getting more expensive. So unless you've recently switched jobs in the customer service sector, chances are your spending power is lower than a year ago. What do you think will happen next with the jobs market?
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