Employers added 164,000 positions in July, according to the latest jobs report from the Bureau of Labor Statistics (BLS). Since the start of 2019, the U.S. economy has seen gains of approximately 165,000 positions per month, on average, or about 1.2 million jobs so far this year. Those figures reflect revised numbers from the BLS for May and June that show businesses added 41,000 fewer positions than previously reported.
Employers in education and health services grew payrolls by 66,000 jobs last month. The professional and business services industry also saw solid job growth in July, adding 38,000 positions. That number includes 2,200 temporary help services roles.
The following sectors also saw notable job gains in July:
- Financial activities — 18,000 jobs added
- Manufacturing — 16,000 jobs added
- Leisure and hospitality— 10,000 jobs added
Unemployment rate unchanged
The national unemployment rate held at 3.7% percent in July. Meanwhile, the unemployment rate for college-degreed workers who are 25 or older was 2.2%, up from 2.1% in June. The fact that many new college graduates recently entered the hiring market may be one reason for the slight uptick in the unemployment rate for this group of highly sought-after professionals.
What employers need to know
Many businesses are looking to expand their payrolls so they have enough skilled workers on hand to see fourth-quarter projects through to completion. If your firm is among them, be prepared to face intense competition for new hires, whether you’re aim is to recruit technology workers, creative professionals or other types of in-demand talent.
Unemployment remains low, and job seekers already have plenty of options to consider in this market. According to recent data from the BLS, 7.3 million positions were open at the end of May.
One strategy to keep work moving ahead as you search for full-time hires is to bring in skilled temporary professionals. Research from Robert Half shows that more than half (53%) of employers are more open to hiring interim workers to bridge gaps while looking for full-time staff than they were two years ago.
Temporary employees can help ease workloads and prevent your core team members from burning out. You also can evaluate an interim professional’s skills and organizational fit while they are on the job. It can be an effective way to staff a full-time role without having to launch a new candidate search.
