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THE US DEPARTMENT OF LABOR ANNOUNCED ITS EMPLOYMENT REPORT
The US Department of Labor announced its employment report for July.
Yazar: Tom Roberts
Yayınlanma: 7 Ağustos 2020 23:46
Güncellenme: 9 Mayıs 2024 00:37
THE US DEPARTMENT OF LABOR ANNOUNCED ITS EMPLOYMENT REPORT
The US Department of Labor announced its employment report for July. Accordingly, employment in non-agricultural sectors in the country increased by 1.76 million people in July. The market expectation for non-agricultural employment data was that it would increase 1.6 million people in July. The increase in non-agricultural employment was due to the normalization of economic activities restricted by the new type of coronavirus (Covid-19) epidemic as of May.The sectors with the highest increase in employment in May were listed as recreation and accommodation, public, retail trade, business services, other services and health services. May and June data on non-agricultural employment figures were revised. Accordingly, the increase in non-farm employment in May was revised from 2.69 million to 2.72 million, and the increase in June data was revised from 4.8 million to 4.79 million. Analysts stated that the increase in the number of Kovid-19 cases was effective in the slowdown in employment growth in July.
In the US, the unemployment rate fell by 0.9 points to 10.2 percent in July. The unemployment rate, which was slightly below expectations, was estimated to be 10.5 percent in July. The unemployment rate was recorded as 11.1 percent in June. During this period, the number of unemployed in the country decreased by 1.4 million people to 16.3 million. Labor force participation rate decreased by 0.1 percentage points to 61.4 percent in June. While the average weekly working hours fell to 34.5 in June, the average hourly earnings, monitored closely by the US Federal Reserve (Fed), rose to $ 29.39 in July.
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