July 29, 2021

The Pulse

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USA, Unemployment | Big numbers for Piton

US job growth in June was better than expected.

The latest figures from U.S. labor officials show that in May, 850,000 jobs were created outside the agricultural sector, known as unarmed wages.

Labor officials report significant job growth in sectors such as vacations and leisure, catering, public and private education, but also in business and other service industries.

Market expectations are that 700,000 new jobs will be created outside the agricultural sector in June, up from 559,000 in May. The number for May was a disappointment, with expectations exceeding 100,000.

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Nearly 10 million are unemployed

Unemployment in the United States stood at 5.9 percent at the end of June, up from a month earlier.

About 9.5 million Americans are now unemployed. Prior to the Corona crisis, the unemployment rate was less than 6 million in the mid-1930s. This is the lowest unemployment rate since the late 1960s.

4 million Americans are now long-term unemployed, meaning they have been out of work for at least 27 weeks. There is still a 430,100 drop since the end of May, but that is 42 percent of the total unemployed. As usual, unemployment is lower among whites and people of Asian descent, and higher among people of color and Latin Americans.

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The most important in the world

U.S. employment figures are often called The most important people in the world. Large deviations from expectations in the world’s largest economy can affect financial markets such as the stock market. The key index on the Oslo Stock Exchange has risen slightly since market figures were known.

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Handelspangen Capital Markets wrote in a morning report earlier this week that the employment level is low. In May, there were 7.6 million fewer U.S. employees than there were before the outbreak began in March 2020.

We did not go too far in finding expectations that job growth would be 1 million per month. But the contribution of American labor is still low.

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Lower tempo

This is partly due to The vaccination rate has dropped, Along with a more contagious delta variation, which may have reduced labor supply. According to Handelspangan, there are challenges related to child care that will not improve before the new school year begins again.

Studies of the US labor market situation also show that companies steal a portion of the same workforce from each other. Even if companies have employment plans, they do not have to move away from unemployment.