The Bureau of Labor Statistics (BLS) reports that U.S. employers expanded payrolls by 114,000 jobs last month. That figure is below economists’ expectations of 175,000 jobs.
The July jobs report also notes that the U.S. economy saw 29,000 fewer jobs added than previously reported for May and June combined.
Healthcare employers fueled job growth in July
The private education and health services industry led job creation last month, adding 57,000 positions. The following industries also reported notable payroll expansion in June:
Construction: 25,000 jobs added
Leisure and hospitality: 23,000 jobs added
Government: 17,000 jobs added
Transportation and warehousing: 14,000 jobs added
Unemployment rate edges up to 4.3%
The BLS reports that the national unemployment rate was 4.3% in July, up from 4.1% in June.
The unemployment rate for college-degreed professionals aged 25 or older — the workers many employers seek most — decreased slightly last month to 2.3%. In June, the rate was 2.4%.
Job openings still running high, while the ‘Big Stay’ is in full effect
According to separate data from the BLS, 8.2 million jobs in the U.S. were waiting to be staffed at the end of June. That figure was 8.1 million in May.
Meanwhile, Robert Half’s State of U.S. Hiring Survey found that 52% of companies plan to add new permanent positions in the second half of this year. Another 43% plan to staff vacated positions, and 57% said they plan to increase the number of contract professionals on staff.
View a breakdown of employers’ hiring plans by specialization and city.
Finding skilled talent for hire isn’t likely to get easier for employers in the months ahead. While many workers made career moves during the Great Resignation for a higher salary, more flexibility or a senior job title, many professionals are feeling more satisfied and content in their current roles.
In a new Robert Half survey of U.S. workers, only 35% of respondents said they plan to look for a new job in the second half of 2024 — down from 49% in July 2023.
To stand apart from the competition and secure the best available talent, our workplace research shows hiring managers are implementing proactive strategies such as the following:
Offering hybrid jobs where workers can spend time at home and in-office (41%)
Supporting windowed work, where teams work outside of typical business hours (41%)
Providing higher starting salaries (38%)
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