Jobs Report Exceeded Expectations -Hospitality #1!

For the second month in a row, the released a jobs report that exceeded expectations. The new July report, showed a total of 75,000 more jobs than economists were expecting (255,000 vs. 180,000 expected).

It further showed that the Hospitality Industry was the leading industry for hiring.

Here are three things to know from today’s report:

1. What do today’s numbers mean looking at the big economic picture? Here are some reactions from leading news outlets:

According to The Wall Street Journal:

The U.S. labor market in July capped off the best two-month stretch of hiring so far this year, a sign of strength for an economy that has been showing mixed growth signals in recent months.
According to CNBC:

“This was another strong report that checked most, if not all of the significant boxes,” said Curt Long, chief economist at the National Association of Federal Credit Unions. “The labor market should remain strong as long as consumers maintain their robust spending pace.”
2. The labor force participation has increased. But what does that mean?

According to Business Insider:

The labor-force participation rate rose to 62.8%. It was being closely watched again to gauge whether a record number of job openings drew people into the labor force. The rate has steadily declined in recent years, partly because of baby-boomer retirements. But at the same time, there are fewer people outside the labor market finding jobs — suggesting that the economy is near or at full employment.
3. What about wages and the Fed? Wages haven’t really been the bright spot in previous reports, but there has recently been slight progress on that front.

According to Marketwatch:

The much stronger than expected increase in new jobs also raises the odds that the Federal Reserve might raise interest rates as early as September. The central bank held off after job creation appeared to slow in May.
According to The New York Times:

June’s gains were revised upward by 5,000 jobs, and May by 13,000. The combination of better gains in the spring and July’s jump in hiring suggest that the Federal Reserve may take a fresh look at raising interest rates when it meets in September.

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What Clients Say About Patrice & Associates

  • Doug's Hospitality Recruitment Skills Found a Job for Glenn!

    I cannot say enough good things about Doug. He was a joy to work with and if I ever need a recruiter I will call on him. Thank You, Glenn Davis   Have a Hospitality Recruitment Specialist work for you for FREE Doug's Hospitality Recruitment Skills Found a Job for Glenn!
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    My experience with Roberto was wonderful.  I have never gone through a recruiter before and Roberto was an amazing first experience.  Roberto was very helpful and walked the experience with me. I felt like he really cared and truly happy for me when I  got the job. I would definitely recommend Roberto to anyone who wants to feel like someone is going through the process with them he made me feel like he was genuine! Thank you Roberto! -Arleen Roberts   What kinds of jobs does a Hospitality Recruitment Specialist have for me? Hospitality Recruiters Truly Care!
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    My experience with Patrice and Associates has been the best experience ever,  while listening to my needs and making them happen has been a journey of wonderful opportunities. Thank you Daniel Avery. It’s been a blast working with you and you turned my mountain into a mole hill. -Joleen Phelps   How to work with a recruitment specialist Let a Hospitality Recruiter Find You a Job!
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    Ken Welch did an amazing job helping me find new job opportunities. He helped me build up my resume and even got me ready for potential interviews. He kept me updated constantly and before I knew it, I had many options of restaurants I could send my resume to. With his help, I got the job at my first choice and now I can’t wait to be their new manager. It was a very easy process and I thank Ken for all his help. Sincerely, Rich Fletcher   What kinds of jobs does a Hospitality Recruitment Specialist have for me? Hospitality Recruiters Can Help You with Your Resume!