The month of July saw little change in employment and unemployment rates. According to the U.S. Bureau of Statistics, employment increased by 209,000 new jobs and the unemployment rate fell to 4.3 percent. Employment decreased by 220,000 new jobs in June and the unemployment rate hardly changed from 4.4 percent in June and 4.3 percent in May. Employment increased in food services and drinking places, professional and business services, and health care.
Here are some of the highlights for the month of July.
BROAD OVERVIEW
- Unemployment decreased from 4.4% to 4.3%
- Wages stayed the same at 2.5%
- Workweek hours stayed unchanged at 34.5
- The economy created a total of 209,000 jobs
DEMOGRAPHICS
- Unemployment for adult men stayed the same at 4.0%
- Unemployment for adult women stayed the same at 4.0%
- Unemployment for Whites stayed the same at 3.8%, Blacks increased by 0.3%, Asians increased by 0.2%, and Hispanics increased by 0.3%
EMPLOYMENT BY EDUCATION
- Unemployment for persons with a high school diploma decreased by 0.1%
- Unemployment for persons without a high school diploma increased by 0.4%
- Unemployment for persons with a bachelor’s degree or higher stayed the same at 2.4%
UNEMPLOYMENT BY INDUSTRY
- Manufacturing decreased 0.3%
- Constructing increased by 0.4%
- Wholesale and retail decreased by 0.4%
- Transportation and utilities decreased by 1%
- Professional and business services decreased by 0.7%
- Government decreased by 0.3%
Overall, employment has decreased since June and with wages at a slight increase, it continues to be an issue. However, the unemployment rate at 4.3% is a 16-year low.
If you would like more information, check out the U.S. Department of Labor’s Employment Situation Summary.
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Sources: [bls.gov]