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July Employment Report: 187 thousand Jobs, 3.5% Unemployment Rate

the close up of the five rows coins ,and the coins jar that fell, with the back ground is a dark blue graph.

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 Click on graph for larger image.

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.

The second graph shows the year-over-year change in total non-farm employment since 1968.

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 Labor Force Participation Rate was unchanged at 62.6% in July, from 62.6% in June. This is the percentage of the working age population in the labor force.

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 fourth graph shows the unemployment rate.

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.  

I’ll have more later …

Morning Report: Employers are still holding on to workers

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