Meanwhile, the private sector showed flexibility, with the healthcare major employment benefits. The region added 52,000 jobs, maintaining its strong pace for the last one year. Financial activities were also expanded, 21,000 posts were added, while transport and warehousing saw an increase in 18,000-numer. However, the job growth in social aid increased to 11,000, below its 12 -month average.
Retail and part -time employment increases worries
Retail employment remained weak, shed 6,000 jobs, food and beverage hard hit with retailers especially due to strike activity. Despite the increase in warehouse clubs and supersants (+10,000 jobs), the overall retail sector struggled, showing slightly pure changes in the last one year.
The number of part -time workers increased from 460,000 to 4.9 million due to economic reasons, indicating increasing uncertainty in full -time employment opportunities. Additionally, the number of individuals outside the labor force who still want to work increased from 414,000 to 5.9 million, increasing the concerns about long -term labor market participation.
Wage hikes and working hours remain stable
Average per hour earnings increased by 0.3% to $ 35.93 as compared to the previous year, which increased by 4.0% compared to the previous year. Private sector production and nonsupervisory employees saw equal wages, which ranged from 0.3% to $ 30.89. However, the average workweek kept stable in 34.1 hours, suggesting limited speed for further wage-driven inflation.
Market Outlook: Labor Market Cooling Signal Economic Uncertainty
A cooling pointed to a labor market, combined with recession in employment generation, rising unemployment and part -time workers. While the recruitment of private-sector remains a stable force, there is a risk in the decline in government employment and the development of stable retail jobs. If these trends remain, the Federal Reserve can increase pressure to adjust monetary policy, potentially affects interest rates and financial markets.
