Financial Jobs Slump in July as Payroll Gains Stall
Falling job-growth numbers drive more people to the gig economy to supplement their income. The post Financial Jobs Slump in July as Payroll Gains Stall appeared first on Global Finance Magazine .
The U.S. Bureau of Labor Statistics reported a decrease of 23,000 non-farm jobs in July, painting a picture of a slowing economy. This comes after revisions to May and June numbers reduced total jobs by 103,000, resulting in a third drop in the three-month average payroll gain. Financial activities saw the largest job loss in July, with 14,000 positions lost.
However, healthcare added 22,000 jobs, while professional and business services experienced a 9,000 job gain. ADP's National Employment Report estimated a gain of 44,000 private sector jobs in July, with financial activities gaining 10,000 jobs. The data discrepancies between BLS and ADP reports indicate a more optimistic outlook in the private sector.
The Bank of America Institute's Employment Report suggests that job growth primarily benefited lower-income households, while higher-income households saw smaller gains. Gig work remains popular, with some households using it to supplement regular income.
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