In June, fewer job opportunities were reported by American firms as the economy battles rampant inflation and rising interest rates.
Washington, D.C. In June, fewer job opportunities were reported by American firms as the economy battles rampant inflation and rising interest rates.
The Labor Department said Tuesday that job opportunities decreased from 11.3 million in May to a very high 10.7 million in June.
The Labor Department said that while layoffs decreased in June, the number of Americans departing their employment decreased somewhat in its monthly Job Openings and Labor Turnover Survey.
Employers have added an average of 457,000 positions per month in 2022, and unemployment is close to a 50-year low, indicating that the labor market has been strong so far this year. The fact that the gross domestic product, the most comprehensive indicator of economic production, has decreased for two consecutive quarters defies one rule of thumb for the beginning of a downturn, according to many experts, who feel the economy is not yet in a recession.
In July, companies added another 250,000 jobs, which would be a healthy level in normal circumstances but would be the lowest since December 2020, according to the Labor Department’s jobs report, which is released on Friday. According to a study conducted by the data company FactSet, economists also anticipate that unemployment will remain at 3.6% for the fifth consecutive month.
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