The Bureau of Labor Statistics (BLS) reported that U.S. employers overall lost 23,000 jobs in July, but with some gains reported in health care. The unemployment rate dipped slightly to 4.1%.
The labor force participation rate decreased to 61.4%, while the employment-population ratio edged down slightly to 58.9%.
In July, employment in health care continued its upward trend (+22,000) but at a slower pace than the average monthly gain over the prior 12 months (+36,000). Employment in ambulatory health care services continued to trend up over the month (+18,000).
Employment trended down in sectors including retail (-19,000) and financial activities (-14,000), with little change in other major industries.
Average hourly earnings for all employees on private nonfarm payrolls were at $37.62, little change from the previous month. On a year-over-year basis, average hourly earnings have increased by 3.2%.
In addition to July’s numbers, the BLS revised numbers for May down by 66,000, from +129,000 to +63,000, and the change for June was revised down by 37,000, from +57,000 to +20,000. With these revisions, employment in May and June combined is 103,000 lower than previously reported.
The July report fell short of economists’ expectations of a 95,000 job gain, according to CNN. “Price volatility may be contributing to increased hesitation from employers,” said labor economist Nicole Bachaud. “With job opportunities remaining scarce, more workers are exiting the labor market entirely.”
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