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July jobs report shows improvement, but still not back to pre-pandemic normal

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By Jenny Goldsberry

The US jobs report came out Friday demonstrating a 943,000 increase in jobs and 5.4% in unemployment. While the data isn’t still back to pre-pandemic norms, jobs have steadily increased since January. The Dow Jones estimated fewer jobs and a higher unemployment rate.

First, of all non-farm jobs, the leisure and hospitality industry did best in July. It added 380,000 positions. As a result of COVID-19 restrictions ending, 253,000 of those came from bars and restaurants. The industry also did exceptionally well in May.

“More jobs than have been created in the first four months in any presidency in modern history.” Conveniently, he left out the historic job losses that happened leading up to his inauguration.

Back in May, President Biden responded to disappointing numbers. Then, Biden blamed the number on vaccination rates, since the data was collected during the first week in May. Back then, Biden said, the vaccination rate for adults was only 35%. By the end of May, it was reported to be at 63%. Now, the vaccination rate has reached 70%.

“We’re now the first administration in history to add jobs every month of our first six months in office,” Biden tweeted Friday. It’s a talking point he’s said in previous months as well. However, the historic job losses leading up to his inauguration should also be taken into consideration.

Meanwhile, two years ago in July, the unemployment rate was 3.7%. Yet there were only 164,000 jobs created then. Just last year over the US saw 1.7 million new jobs in July. But 10.2% of Americans were unemployed.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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Economy

Chevron downsizes global San Fran headquarters, paying for employees to move to Texas office

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Oil giant Chevron made a huge announcement saying it will be closing its current global headquarters in San Ramon, California. Even more telling, its encouraging employees to move to Houston, Texas.

The San Francisco Gate reported “the oil company will cover relocation costs for those voluntarily leaving for the Texas office, which has been growing and employs nearly 6,000 people. Meanwhile, the San Ramon office buildings have experienced dwindling numbers in recent years.”

Although the company is not leaving the state completely, “company leadership has pushed for a permanent move to Texas in the past” adds SFGATE. Chevron, which has had “deep roots” in California going back to the late 1800s, will vacate its 100-acre campus in 2023.

The Wall Street Journal reports the business hopes to move into a smaller space in San Ramon, which will remain its headquarters. A company spokesperson told SFGATE “the current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population.”

“The move is expected to occur during the third quarter of 2023” they continued. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.”

The SFGATE notes Chevron is one of “the East Bay’s legacy companies joining the trend” to move their headquarters out of the area in recent years. Tech companies such as startups like Coinbase to industry pioneers like Hewlett Packard and Oracle have all vacated, with Elon Musk having been “one particularly outspoken voice decrying California’s business conditions.”

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