A resurgent U.S. job market is creating more opportunities at a faster clip than many economists and employers expected. Nonfarm payrolls rose by 916,000 in March, blowing away economists’ median estimate of a 660,000-job gain. But there are gaps.
The unemployed are outnumbered by people furloughed or on leave, and the number leaving the working force altogether is rising. The U.K. labor market weakened unexpectedly in March as company payrolls fell for the first time in four months and more people dropped out of the workforce. Long-term youth unemployment has been highlighted as a particular concern. Overall employment remains about 800,000 below where it was before the pandemic struck.
Bloomberg Economics expects France’s unemployment rate to rise to 8.3% in the third quarter before declining to 8.0% in the fourth quarter of 2022.
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