Job Growth Seems Good, But The Entertainment Industry Is Falling In U.S

The U.S. economy added 187,000 jobs in July, somewhat not as much as expectations, while the joblessness rate dropped to 3.5%.

The employment gains went up in June 2023, and this is probably going to give financial analysts more expectation that the work market can endure the Central bank’s Reserve’s inflation-fighting interest rate hikes without a recession.

The Bureau of Labor Statistics said that the biggest job gains were in medical care, social assistance, financial activities and wholesale trade.

Entertainment Strike: “This Is Not A Ploy For Big Name Stars To Make More Money

Nonetheless, employment in films and recording industries fell to 463,000, from 469,200 a month earlier. The WGA strike slowed production, and the SAG-AFTRA walkout in July largely brought it to a standstill.

There also was a slight drop in jobs in broadcasting and content providers, to 351,300, from 351,800 a month earlier. The figures are occasionally changed. Jobs in publishing additionally fell, to 931,200, from 934,900.

Average hourly earnings on private, nonfarm payrolls rose by 14 cents, or 0.4 percent, to $33.74. The average hourly earnings have rise by 4.4 percent over the past 12 months.

The rate of job growth is slowing, and the unemployment rate is “neutral,” but wage growth picked up, according to some experts.

The job numbers for June and May 2023 were changed descending by 49,000 jobs. That implies that employment growth in June was 185,000, and in May it was 281,000.