The July 2024 Jobs Report shows that the unemployment rate increased to 4.3% – the highest level since October 2021, compared to 4.0% in May. According to the most recent Bureau of Labor Statistics (BLS) report, payroll employment increased by 114,000. The number of unemployed people edged up to 7.2 million from 6.8 million the month prior.
The unemployment rate for college-degreed professionals 25 years and older decreased slightly to 2.3% compared to 2.4% the prior month. The unemployment rate for job seekers with some college or an associate degree increased from 3.4% to 3.5%.
The labor force participation rate showed little change at 62.7% in July and shows little change for the year. The employment-population ratio changed slightly to 60.0%.
In June, employment trended up in the categories of health care, construction and in transportation and warehousing.
Jobs added by industry:
- Health Care: 55,000 jobs added
- Construction: 25,000 jobs added
- Transportation and Warehousing: 14,000 jobs added
- Social Assistance: 9,000 jobs added
Employment showed little change over the month in other major industries, including mining,
quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; financial activities; professional and business services leisure and hospitality; and other services.
Wage Growth Increases by 8 Cents
In July, average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents to $35.07. Average hourly earnings were up by 0.3% in July and 3.6% over the past 12 months.
Reimagining how we hire and retain employees.
The hiring market remains challenging and finding and retaining employees continues to be top of mind for many employers. At Roth Staffing Companies, we are reimagining how we hire and how employees stay engaged by leveraging our new strengths finder tool, TalentSet, powered by The Coffman Organization. TalentSet uncovers one’s top talents and gives insight into what motivates someone or drives momentum, something you can’t uncover from a resume or online profile.
Find more U.S. hiring, labor market, and salary trends with our 2024 Salary Guide
Whether it’s administrative, legal, technology or finance and accounting staff, how can you attract and retain the best employees in today’s complex employment market? Get insights and information on the trends that will impact hiring including company culture and the balance of generations in the workforce and how you can become an employer of choice – plus the latest salary data for markets throughout the U.S.
Download our Salary Guide.
When it comes to hiring, don’t disregard the importance of Soft Skills
Technical skills are important to get the job done, but increasingly important to success are soft skills like communication, leadership, and empathy. Check out our eBook – Soft Skills: The critical factor in hiring talent to move your business forward. Download our guide here.
Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative, office support, finance and accounting, legal, and technology staffing and recruitment needs.
Sources: BLS, CNBC
