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US Job Data Update: In June 2023, the US economy has seen the lowest growth in employment opportunities in the last two and a half years. In the US, the unemployment rate in the month of June was 3.6 percent while in May 2023, the 7-month high level was 3.7 percent. Despite the hardening of the labor market, due to the increase in wages, it is feared that the Central Bank Fed Reserve may resume the process of increasing interest rates.
According to the employment report of the US Labor Department, 110,000 fewer jobs were added in April and May. It is clear from these figures that due to the expensive debt in America, companies are currently refraining from hiring. In the month of June, the number of people doing part-time jobs due to economic reasons has increased. Because due to the current business condition, their working hours have been reduced. However, the pace of job growth remained strong, which shows that the recession in America is far from the crisis.
According to the data, there has been an increase of 209,000 in the non-form payroll in the month of June. This is the lowest increase since December 2020. Let us tell you that it is very important to create 70,000 to 100,000 jobs every month in order to provide employment to people in the American economy and to maintain the pace of development. Due to the economic crisis, layoffs are being seen in the technology and finance sectors which pay the highest salaries.
The household survey from where the unemployment rate is ascertained has revealed that employment opportunities have increased. Due to which the unemployment rate has come down to 3.6 percent in June. But the number of people engaged in part-time employment increased by 452,000 to 4.2 million.
After the job data came out, mixed business is being seen in the US stock market. Dow Jones is trading with a decline of 0.17 percent. So the Nasdaq is trading up 0.27 percent and the S&P 500 up marginally.
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