Bismarck, North Dakota – The US Bureau of Labor Statistics published its September report on Friday, indicating a 336,000 increase in employment in the economy. This figure exceeded the predictions of certain economists.
According to Lux Wealth Advisors financial advisor David Wald, this indicates that the economy is still doing well. He asserts that the economy as a whole is not affected by the weaknesses that the public perceives in particular industries. Wald believes that the jobs report demonstrates that there are more jobs than there are employees, as there are approximately 11 million job vacancies for 5.6 million eligible individuals. The Bureau of Labor Statistics’ data indicates that the leisure and hospitality sector saw the highest rate of job creation. Wald thinks that the COVID hangover from everyone staying home is still to blame for this.
“Now, post-COVID, they are enjoying the freedom of traveling, they are enjoying the freedom of going back out to their favorite restaurant, and that’s having an effect on the travel and leisure industry where they need more and more workers because they simply can’t keep up with demand,” said Wald.
According to Wald, the labor market will continue to be robust until businesses begin to feel the pinch of higher interest rates.
