Economic Update

SVN Miller Economic Update
  • Despite rising capital costs and renewed recession fears, the US economy added 372k jobs in June,
    according to the latest employment numbers from the Bureau of Labor Statistics.
  • Business Services led the way with 74k new payrolls in June. Management roles had the largest increase
    within the industry, with 12k jobs added in the month.
  • Leisure and hospitality had a strong month with 67k new jobs added in June. Food services and drinking
    places continued to grow, adding 41k of all Leisure and Hospitality job gains. According to the Federal
    Reserve’s most recent beige book release, most of the nation is reporting an increase in travel and
    recreational activity. Still, employment in Leisure and Hospitality remains down by 1.3 million or 7.8%
    since February 2020.
  • The unemployment rate remained unchanged at 3.6%, where it has sat for the past four months. The
    number of unemployment persons was also unchanged at 5.9 million.
  • The Labor Force participation was little changed at 62.2% and remains below the 63.4% registered at
    the labor market’s pre-pandemic peak in February 2020.

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