In July, the United States economy witnessed the incorporation of 187,000 jobs, slightly below the projected figures, resulting in a decrease in the unemployment rate to 3.5%.
The surge in employment closely paralleled the gains observed in June. These encouraging statistics are likely to foster heightened confidence among economists in the labor market’s resilience against the Federal Reserve’s endeavors to counter inflation through adjustments in interest rates, all while avoiding the initiation of a recession.
Based on data provided by the Bureau of Labor Statistics, significant increments in job numbers were observed within sectors such as healthcare, social assistance, financial activities, and wholesale trade. Conversely, the motion picture and recording industries experienced a reduction in employment, dropping to 463,000 from the preceding month’s 469,200. This decrease can be attributed to the influence of the Writers Guild of America (WGA) strike, which decreased production pace. Additionally, the walkout by the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) in July worsened the situation, causing significant disruption in operations. A minor decline in broadcasting and content provider positions was also noticed, with numbers dwindling from 351,800 to 351,300. These values have been adjusted to account for seasonal variations. The publishing sector also witnessed a dip in employment, decreasing from 934,900 to 931,200.
During a guest appearance on CNN, Acting Labor Secretary Julie Su was queried regarding her role in mediating the Port of Los Angeles strike and her rationale for not intervening in the WGA and SAG-AFTRA strikes.
While Su refrained from responding directly, she emphasized that workers inevitably resort to striking in a tight labor market if their demands remain unaddressed at the negotiation table. She underscored that this process aligns with the president’s principles, involving collective bargaining and collaborative efforts to resolve issues and cultivate long-term industry resilience, which may encompass the right of workers to strike.
Average hourly earnings across private, nonfarm payrolls saw an increase of 0.4 percent or 14 cents, settling at $33.74. Over the past year, average hourly earnings have consistently risen by 4.4 percent.
Offering a nuanced viewpoint, Harvard professor Jason Furman characterized the report as “mixed” regarding its impact on inflation. He indicated that wage growth has accelerated while job growth is decelerating and the unemployment rate remains steady.
Acknowledging that these statistics are subject to revision in the upcoming months is crucial. Similarly, the robust job figures for May and June underwent a downward revision of 49,000 jobs. As a result, the job growth rate for June was revised to 185,000, and for May, it stood at 281,000.
More Entertainment News:
SAG-AFTRA’s Compromises: An Overview of Movie and Series Granted Boycott Exemptions
In response to the strike against Hollywood studios on July 14, SAG-AFTRA has implemented its interim agreements program. This program allows independent produc…
SAG-AFTRA Calls on Studios to Resume Negotiations as WGA Prepares for AMPTP Meeting on Friday
Following yesterday’s positive news about the Alliance of Motion Picture and Television Producers (AMPTP) and the Writers Guild of America (WGA) planning to res…
New Netflix Titles to Watch in August 2023
Summer is ending, and August brings the last month of exciting shows and movies on Netflix. From beloved animated films like “Cloudy with a Chance of Meatballs…
