The July employment report will be released on Friday. Job growth has been robust, with 6.3 million jobs added over the past 12 months. Inflation has risen and the Federal Reserve has acted aggressively to tamp it down. But the labor market hasn't crashed into the ground yet, experts say.

As of June, the United States was within 520,000 jobs of its prepandemic peak. But that recovery has come under increasing strain as inflation has eaten into consumers’ spending power. Job openings have fallen from their record highs in the spring, driven down by waning demand for retail, leisure and hospitality workers.

Initial jobless claims have risen to 260,000 from 166,000 a week in March. On average, the U.S. is expected to add 250,000 jobs in July, according to forecasters. The number of people reporting job losses has increased by about 20,000 since March.

People of color are the first to be affected when hiring slows. The increases have been sharpest among Black and Hispanic workers. The uptick in income losses hasn’t, however, been concentrated in sectors sensitive to spikes in coronavirus transmission. “People were hoarding workers, and, right now, we’re at a point where it makes sense to let them go because of business cycle uncertainty.”

Fifty-two percent of Americans say it is a good time to find a job right now. Just 11 percent say it's a bad time, according to a survey conducted by The New York Times. Most Americans are not worried, either, that their jobs are in jeopardy.
Posted by BI bizpoke
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