July Jobs Growth at 528,000, Unemployment Rate DN to 3.5%%
8/05 8:45 AM
July Jobs Growth at 528,000, Unemployment Rate DN to 3.5% WASHINGTON, D.C. (DTN) -- Beating expectations for 250,000 new jobs added, the U.S. labor market gained 528,000 positions last month, with employment continuing to trend higher in leisure and hospitality along with manufacturing and transportation sectors, according to the data released this morning by the U.S. Bureau of Labor Statistics. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels. The unemployment rate fell back to 3.5% in the reviewed month. Further details of the report showed the number of permanent job losers, at 1.2 million in July, continued to trend down over the month and is 129,000 lower than in February 2020. The number of persons on temporary layoff, at 791,000 in July, changed little from the prior month and has essentially returned to its pre-pandemic level. The number of long-term unemployed, those jobless for 27 weeks or more, decreased by 269,000 in July to 1.1 million. The labor force participation rate, at 62.1%, and the employment-population ratio, at 60.0%, were little changed over the month. Both measures remain below their February 2020 values, 63.4% and 61.2%, respectively. In July, leisure and hospitality added 96,000 jobs, as growth continued in food services and drinking places, up 74,000. Employment in professional and business services continued to grow, with an increase of 89,000 in July. Employment in health care rose by 70,000 in July. Manufacturing employment increased by 30,000 in July. Employment in durable goods industries rose by 21,000, with job gains in semiconductors and electronic components up by 4,000. Average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents, or 0.5%, to $32.27. Over the past 12 months, average hourly earnings have increased by 5.2%, compared with market expectations for a 4.9% gain. The change in total nonfarm payroll employment for May was revised up by 2,000, from 384,000 and the change for June was revised up by 26,000 to 398,000. With these revisions, employment in May and June combined is 28,000 higher than previously reported. Following the data release, the U.S. dollar index spiked against the basket of foreign currencies to trade near 106.660, and the front-month West Texas Intermediate futures declined $0.38 to $88.06 bbl. Liubov Georges, 1.646.359.4088, liubov.georges@dtn.com, http://www.dtn.com. (c) Copyright 2022 DTN, LLC. All rights reserved.
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