The Bureau of Labor Statistics (BLS) reported that the U.S. employers added 73,000 jobs last month, led by gains in health care and social assistance. The unemployment rate edged up to 4.2%, remaining in the 4.0% to 4.2% range that it has sat for more than a year.
According to the report, the number of unemployed people is currently 7.2 million. The unemployment rate for prime age workers—those between ages 25 and 54—bounced back up to 3.6% after falling from 3.6% to 3.3% the previous month.
The labor force participation rate—the share of the population that is looking for work—declined by 0.1% to 62.2%, and has now declined 0.5 percentage point over the year. The employment population ratio held also ticked down by 0.1% to 59.6%.
In July, employment trended up in sub-sectors including:
- Health care (+73,300)
- Social assistance (+17,900)
- Finance and insurance (+14,200)
- Legal services (+600)
- Transportation and warehousing (+3,600)
Employment fell in sub-sectors including:
- Administrative and support services (-19,800)
- Nondurable goods manufacturing (-11,000)
- Federal government (-10,000)
- Repair and maintenance (-1,200)
Average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents, or 0.3%, to $36.44 in July. Average hourly earnings are up 3.9% over the past 12 months.
As it released July’s data, the BLS also announced that it had revised down nonfarm payroll reports for June and May by a combined 258,000 jobs.
After reporting growth of 147,000 jobs in June, the BLS reported that figure was just 14,000. The count for May growth fell to just 19,000 after revisions, down by 125,000.
Now more than ever, it is vital to partner with an organization that provides flexible and thoughtful workforce solutions to help you reduce costs without sacrificing the talent that keeps your business growing.
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Sources: BLS
