U.S. private sector jobs have returned to prepandemic levels

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U.S. private sector jobs have returned to prepandemic levels
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Private sector jobs in the U.S. have returned to levels not seen since before the Covid-19 pandemic, according to the Bureau of Labor Statistics.

Private sector jobs in the U.S. have returned to levels not seen since before the Covid-19 pandemic, the Bureau of Labor Statistics reported Friday.

Not all sectors have surpassed their prepandemic levels, though. Notably, the leisure and hospitality industries remain more than 1 million payrolls short of their February 2020 levels, while education and health services fell short by 259,000 jobs. That led at least one Federal Reserve official to tell CNBC Friday he is already comfortable with another 0.75% increase in interest rates at the central bank's next meeting on July 27. His remarks suggest that job growth remains too high to cool off inflation, which has been at a 40-year high for months now.

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