Unemployment in Texas rose moderately in July, suggesting that Hurricane Beryl had a minor impact on the labor market and confirming the sharp slowdown in...
WASHINGTON - Unemployment in Texas rose moderately in July, suggesting that Hurricane Beryl had a minor impact on the labor market and confirming the sharp slowdown in U.S. job growth last month.
There had been speculation that Beryl was a significant factor in the small rise in nonfarm payrolls in July and surge in the national jobless rate to near a three-year high of 4.3%. "This suggests some upside for August in the state, but likely not a windfall in hiring," said Ben Ayers, senior economist at Nationwide.
Labor market momentum is slowing as 525 basis points worth of interest rate hikes from the Federal Reserve in 2022 and 2023 curb hiring. Layoffs, however, remain historically low. George Clooney was recently asked by GQ magazine about Paramount Pictures’ pending sale to Skydance. The two companies reached a sale agreement in early July worth a reported $8 billion. Clooney has a rich history with the studio.
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