The Bureau of Labor Statistics (BLS) reports that U.S. employers expanded payrolls by 528,000 jobs in July. That figure is well above economists’ forecasts of about 250,000 jobs.
The latest jobs report from the BLS also notes that new job creation in May and June was higher than previously reported — by 28,000 positions. With these adjustments, the U.S. economy has seen employment rise by about 2.9 million jobs since the beginning of 2022. July’s numbers also mark 19 consecutive months of job growth in the United States.
Professional and business services a top contributor to July’s job gains
Education and health services employers led the way with payroll expansion last month, adding 122,000 new jobs. The leisure and hospitality industry, which is still rebounding from deep job losses during the COVID-19 pandemic, also helped fuel job creation last month by adding 96,000 positions.
The professional and business services industry saw significant job gains in July, as well, with employers adding 89,000 jobs — including 9,800 in temporary help services.
The BLS reports that these industries also experienced notable payroll expansion in July:
- Government: 57,000 jobs added
- Manufacturing: 30,000 jobs added
- Retail trade: 21,600 jobs added
- Transportation and warehousing: 20,900 jobs added
- Financial activities: 13,000 jobs added
- Information: 13,000 jobs added
Unemployment dips to a half-century low
After holding steady at 3.6% for four months straight, the national unemployment rate edged down to 3.5% in July. That rate is the lowest level in nearly 50 years.
The unemployment rate for college-degreed workers who are 25 or older — those in highest demand by employers — was 2.0% in July, down slightly from 2.1% in June.
Other data from the BLS shows there were 10.7 million job openings in the U.S. on the last business day of June. The agency also reports that 4.2 million workers quit their jobs voluntarily that month.
Percentage of employed persons working remotely holds at 7.1%
In the July jobs report, the BLS notes that 7.1% of employed persons teleworked last month due to the COVID-19 pandemic. This percentage is unchanged from June. The BLS describes these workers as employed persons who worked away from the office for pay at some point in the last four weeks specifically because of the pandemic.
Number of people unable to work due to pandemic ticks up slightly to 2.2 million
Household survey supplemental data from the BLS also finds that the number of people unable to work at all, or who worked fewer hours at some point in the four weeks preceding the latest survey due to the pandemic, was 2.2 million — up from 2.1 million in June.
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