by Calculated Risk on 8/04/2023 08:42:00 AM
Friday, August 04, 2023
July Employment Report: 187 thousand Jobs, 3.5% Unemployment Rate
From the BLS:
Total nonfarm payroll employment rose by 187,000 in July,, and the unemployment rate changed little at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, social assistance, financial activities, and wholesale trade.
...
The change in total nonfarm payroll employment for May was revised down by 25,000, from +306,000 to +281,000, and the change for June was revised down by 24,000, from +209,000 to +185,000. With these revisions, employment in May and June combined is 49,000 lower than previously reported.
emphasis added
The first graph shows the jobs added per month since January 2021.
Total payrolls increased by 187 thousand in July. Private payrolls increased by 172 thousand, and public payrolls increased 15 thousand.
Payrolls for May and June were revised down 49 thousand, combined.
Payrolls for May and June were revised down 49 thousand, combined.
In July, the year-over-year change was 3.36 million jobs. Employment was up significantly year-over-year but has slowed to more normal levels of job growth recently.
The third graph shows the employment population ratio and the participation rate.
The Employment-Population ratio increased to 60.4% from 60.3% (blue line).
I'll post the 25 to 54 age group employment-population ratio graph later.
The unemployment rate decreased in July to 3.5% from 3.6% in June.
This was slightly below consensus expectations; however, May and June payrolls were revised down by 49,000 combined.