Despite a slight increase in the number of unemployed individuals, the economy’s unemployment rate remained stable at around 4 percent. This is largely due to employers hiring more workers, with approximately 272,000 new jobs created in the last month.
The healthcare industry saw the largest increase in employment, with nearly 70,000 new jobs being added. The government also experienced a significant boost in employment, with around 43,000 people finding work in this sector. Additionally, the leisure and hospitality industry saw a similar number of new jobs being created, while the professional, scientific, and technical services sector added over 30,000 jobs.
Unemployment rates remained consistent across various demographics as well. Adult men and women had unemployment rates of nearly 4 percent and under 3 ½ percent respectively. About 12 percent of teenagers were unemployed while approximately 3 ½ percent of white individuals were without a job. Black individuals had an unemployment rate of just over six percent while Asian Americans had about five percent and Hispanic Americans had around three percent.
This positive trend may deter the Federal Reserve from lowering interest rates from their current range of 5 ¼ to 5 ½ percent as it indicates a strong economy. Jerome Powell, chairman of the Federal Reserve stated that they will not lower rates until they observe an economic slowdown pattern.
Looking ahead to the future, experts believe that a recession is unlikely to hit the U.S economy anytime soon for more insight on this topic you can listen to Nick Eicher’s discussion with David Bahnsen on The World and Everything in It podcast
