The July 2022 Jobs Report saw the unemployment rate slightly decrease from 3.6% in June to 3.5% in July. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 528,000 and the number of unemployed people is at 5.7 million.
July saw employment growth more significant than the average monthly gain over the prior 4 months.
The unemployment rate for college-degreed professionals 25 years and older edged down slightly from 2.1% in June to 2.0% in July. Job seekers with some college or an associate degree saw a decrease in unemployment from 3.1% in June to 2.8% in July.
Leisure and hospitality, professional and business services, and health care saw notable gains.
Jobs added by industry:
- Leisure and Hospitality: 96,000 jobs added
- Professional and Business Services: 89,000 jobs added
- Health Care: 70,000 jobs added
- Government: 57,000
- Manufacturing: 30,000 jobs added
- Transportation and Warehousing: 21,000 jobs added
Wage growth rose by 15 cents in July 2022.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents or 0.5% to $32.27. Over the past 12 months, average hourly earnings have increased by 5.2%.
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