Hospitality jobs boom as US prepares for World Cup
The US economy added 172,000 jobs in May, primarily in the leisure and hospitality sectors, as preparations for the World Cup ramped up. Despite this job growth, concerns about high prices for fans and slow hotel bookings have emerged. The strong job figures may influence interest rate decisions, although inflation remains a pressing issue.
- ▪Leisure and hospitality businesses created 70,000 jobs in May, significantly higher than the average monthly increase of 14,000 from the previous year.
- ▪Concerns have been raised about high ticket prices for the World Cup, with some fans feeling priced out of attending.
- ▪The Bureau of Labor Statistics reported a drop in employment in the financial sector, with a total loss of 105,000 jobs since last May.
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Hospitality jobs boom as US prepares for World Cup14 minutes agoShareSaveAdd as preferred on GoogleArchie MitchellBusiness reporterGetty ImagesThe US economy created 172,000 jobs in May as pubs, bars and restaurants ramped up hiring ahead of the World Cup.They were primarily created in leisure and hospitality, local government, and health care, according to the Bureau of Labor Statistics (BLS).The figures cover the lead-up to this summer's tournament, being jointly hosted by the US, Mexico and Canada.Employment in the financial sector dropped, while the overall unemployment rate held at 4.3%.The BLS said leisure and hospitality businesses created 70,000 jobs in May, a jump from the average monthly increase of 14,000 for the prior year.Firms selling food and drink specifically were…
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