**Economic Growth Surges Ahead: Jobs Report Reveals Broad-Based Expansion**
The latest employment figures have exceeded expectations, with a robust report showcasing growth across various sectors of the economy. Notably, the leisure and hospitality industry led the charge, adding 78,000 new positions, closely followed by healthcare and social assistance, which saw an increase of 71,700 jobs.
A deeper dive into the numbers reveals that food services and drinking places within the hospitality sector experienced a significant surge, with 69,000 new jobs created. This represents a substantial jump from the average monthly gain of 14,000 over the past year.
Government and construction also made significant contributions, adding 31,000 and 25,000 jobs, respectively. Meanwhile, professional and business services saw a notable turnaround, growing by 17,000 jobs after experiencing declines in recent months.
According to LPL Financial’s chief economist, Jeffrey Roach, the report indicates “fairly broad-based” job growth, although he did highlight a rise in the percentage of workers holding multiple jobs, which increased to 5.3%. This trend could potentially impact the overall economic outlook.
While manufacturing and transportation and warehousing did experience job losses, the decline was relatively modest, with each sector shedding fewer than 10,000 jobs.
Overall, the strong jobs report suggests that the economy is likely to continue growing above trend in the next quarter, with only minor caution flags raised by the increase in multiple jobholders.
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