Employers added 528,000 workers to their payrolls in July, and 2.79 million over the past three months. It wasn’t the hottest growth in jobs ever, but it was big and exceeded the pre-pandemic average job growth. They’re praying for a recession to “force’ the Fed to pivot. But it’s tough to have an official recession with employment growing, wages surging.

Wages jumped, but less than raging inflation, and the number of unemployed people actively looking for work fell to the lowest since the year 2000, at the verge of the dotcom bust. It was a shock-and-awe disappointment for the recession mongers out there that want a recession more than anything.

The National Bureau of Economic Research (NBER) calls out recessions in the US, and the NBER’s definition has been the same for decades. This strength in payrolls is supported by other data, such as the still historically high number of job openings that employers reported for June.

The total number of workers on nonfarm payrolls rose by 528,000 in July to 152.54 million workers. Overall, layoffs and discharges in June and in the prior months were at historic lows. There are still large-scale staff shortages in the healthcare system, school systems, airlines, and many other industries.

The number of people with jobs rose by 179,000 in July, and by 185,000 over the past three months to 158.3 million. Households reported a much smaller increase in the number of working people, which include the self-employed and entrepreneurs. And this number of workers on payrolls continues to catch up with the pre-pandemic trend.
Posted by RU rumbleshark
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