White House states July tasks report as ‘sluggish and stable’ development

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White House says July jobs report as 'slow and steady' growth

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Julie Su, candidate to function as Secretary of Labor, shows up for her verification hearing in the Senate Health Education Labor & & Pensions Committee on Thursday, April 20, 2023.

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WASHINGTON– The U.S. economy saw the tiniest tasks increase in July considering that December 2020, however Acting Labor Secretary Julie Su stated the number shows what specialists progressively think view as a “soft landing” for the U.S. economy.

Nonfarm payrolls increased by 187,000 last month, a little listed below expectations, and the joblessness rate fell a little to 3.5%.

“This is an example of what slow and steady growth looks like,” Su informed CNBC’s “Squawk on the Street” on Friday.

“This is still less than 4% for the longest stretch since the 1960s,” Su stated of the joblessness rate, which has actually stayed low for the past 18 months.

She likewise promoted the “very high labor force participation rate, especially among prime-age workers aged 25 to 54.”

The portion of ladies in the workforce increased to 49.9% in July, a rate seen just two times prior to in public information:Dec 2019, right before the pandemic, and 2009, when it increased as an outcome of the high variety of males who lost tasks in the Great Recession.

Despite the motivating numbers, Su stated the federal government can still do a much better task of supporting a smooth shift for ladies back to operate in the post-Covid economy.

“I think that what it’s going to take to further increase labor force participation is going to be addressing some of the structural issues that keep workers out of the labor market,” statedSu Securing child care that is budget friendly and trusted will be important, she included.