Key Takeaways:
- Job listings increased drastically in July, despite many predictions of a market fall.
- The labor market remains strong.
- Hospitality and healthcare are leading in job creation.
Despite the predicted “cooling” labor market, July numbers far exceeded expectations of all economists alike.
According to the U.S. Labor Department’s job report for July 2022, employers added 528,000 jobs and the unemployment rate dropped to 3.5%. The DowJones estimated only 258,000 new jobs for the month of July and Greenwich HR predicted roughly 169,000 new jobs. Does this give possible insight into a new hiring process? Is there a possibility companies are exploring “offline” hiring or more partnerships with talent agencies, making job listings scarce to the public?
Average hourly earnings are 5.6%, a .5% increase compared to June 2022. The hospitality and healthcare industry is still leading, contributing to 166,000 of the new jobs added in the month of July.
Stay tuned for more valuable data insights and predictions for Greenwich HR. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the August pre-job report.
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