- On August 23, 2023
With schools back in session this month, and football schedules beginning to fill our news feeds, the prospect of fall is on the horizon. Learn more about employment expectations for the new season based on data from our latest employment summary. Staff Solve strives to assist employers and job seekers with information and process hiring, but the overall economic picture of employment trends in the United States and possible factors involved.
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
Both the unemployment rate, at 3.5 percent, and the number of unemployed persons,
at 5.8 million, changed little in July. The unemployment rate has ranged from 3.4
percent to 3.7 percent since March 2022.
In July, The labor force participation rate was 62.6 percent for the fifth consecutive month. The employment-population ratio, at 60.4 percent, remained little changed this month. The number of persons employed part time for economic reasons, at 4.0 million, changed little in July. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. Persons employed part time for economic reasons are individuals who would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.
The number of persons not in the labor force who currently want a job was 5.2 million
in July, little changed from the prior month. These individuals were not counted as
unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force was essentially unchanged at 1.4 million in July. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little at 335,000 in July.
Construction employment continued to trend up in July (+19,000), in line with the average monthly gain of 17,000 in the prior 12 months. Over the month, job growth occurred in residential specialty trade contractors (+13,000) and in nonresidential building construction (+11,000).
In July, employment in wholesale trade increased by 18,000, after showing little net
Employment in professional and business services changed little in July (-8,000). Monthly job growth in the industry had averaged 38,000 in the prior 12 months. Employment in temporary help services continued to trend down over the month (-22,000) and is down by 205,000 since its peak in March 2022. Employment in professional, scientific, and technical services continued to trend up in July (+24,000).
Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; retail trade; transportation and warehousing; information; and government.
In July, average hourly earnings for all employees on private nonfarm payrolls rose by 14 cents, or 0.4 percent, to $33.74. Over the past 12 months, average hourly earnings have increased by 4.4 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees rose by 13 cents, or 0.5 percent, to $28.96. The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour unchanged at 40.1 hours, and overtime was unchanged at 3.0 hours. average workweek for production and nonsupervisory remained at 33.8 hours.
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. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.
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