Service sectors drove job growth, even as information and professional services shrank.
Health care and social services led the way with a gain of more than 74,000 jobs last month, according to the Bureau of Labor Statistics."Health care has recovered to its pre-pandemic levels, but nowhere near its pre-pandemic trend, and hospitality is still not back to its pre-pandemic levels," said Julia Pollak, chief economist at ZipRecruiter., as key service sectors continued to show strong growth.
"Health care has recovered to its pre-pandemic levels, but nowhere near its pre-pandemic trend, and hospitality is still not back to its pre-pandemic levels," said Julia Pollak, chief economist at ZipRecruiter. Pollak added that both sectors look poised for long-term growth due to changing consumer trends and an aging population.
The highlight of the report for investors was lower wage growth, which could be a sign that the Federal Reserve's efforts to bring down inflation are working. The central bank is attempting to achieve a soft-landing, in which wages and inflation cool without a major spike in unemployment, but has made clear that inflation is its top priority.
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