US unemployment rate edged down to 3.5%

According to the Bureau of Labor Statistics, the total nonfarm payroll employment increased by 528,000 in July, and the unemployment rate fell to 3.5 percent

The July’s jobs report marked a sharp jump from the previous month, wherein the number of employed rose by 398,000, this was an upward of 26,000 compared to the previous forecast.

Key takeaways:

• Unemployment rate: 3.5% in July
• total nonfarm employment has increased by 22 million from its low in April 2020 and has fully recovered to its pre-pandemic level.
• 504 million people in the U.S. were employed in February 2020 (pre-pandemic level)
• 536 million people in the U.S. were working in July 2022

Concerning the unemployed, the number of permanent job losses fell further in the month, it was 1.2 million in July, 129,000 less than in the pre-pandamic in February 2020. The number of temporary lay-offs barely changed in July, 791,000 compared to last month.

The number of people working part time increased by 303,000 to 3.9 million in July, it is below the pre-pandemic level of 4.4 million.

In July, 2.2 million people reported being unable to work because either their employer closed or lost business because of the pandemic.

(Yahoo Finance)