Professional and business services
Coverage of Professional and business services in the Nexus archive.
- US hiring slows in what economists are calling a ‘low-momentum’ labor market
The U.S. economy added 57,000 jobs in June, far below the 115,000 expected, with revised April and May figures showing 74,000 fewer jobs. The unemployment rate dropped to 4.2% as 720,000 people exited the labor force. Hiring trends varied by sector, with professional and business services gaining jobs and leisure and hospitality losing 61,000. Wage growth (3.5% year-over-year) lags behind inflation, and unemployment remains higher for African Americans and workers under 25.
- US job openings pick back up
US job openings in April rose to their highest level in nearly two years as layoffs fell, signaling labor market stability. Professional and business services roles accounted for most of the increase, with an economist noting companies are seeking talent again. The data weakens the case for an interest rate cut and is viewed as positive for college graduates amid AI-driven job market concerns.