by Calculated Risk August 2, 2024, 8:30 AM
From the BLS: Employment status
The unemployment rate rose to 4.3% in July, while nonfarm payrolls increased by 114,000.The U.S. Bureau of Labor Statistics reported today that employment fell 1.5% from a year ago to 1.124 million. Job growth continued in the health care, construction, and transportation and warehousing industries, while jobs in the information sector fell.
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The change in nonfarm payrolls for May was revised from a decrease of 2,000 to 218,000 to 216,000, and the change in June was revised from a decrease of 27,000 to 206,000 to 179,000. The number of employed people in May and June combined was down 29,000 from the last reported number..
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The first chart shows the number of jobs added each month since January 2021.
The number of employed people in May and June was revised down to a combined decrease of 29,000.
The second chart shows the year-over-year change in total nonfarm employment since 1968.
The year-over-year change in July was 2.51 million. Employment increased steadily year-over-year.
The third graph shows the employment-population ratio and participation rate.
The labor force participation rate, which measures the working-age population as a percentage of the labor force, rose to 62.7% in July from 62.6% in June.
The employment-population ratio decreased to 60.0% from 60.1% in June (blue line).
A graph showing the employment ratio of people aged 25 to 54 will be posted later.
The fourth graph shows the unemployment rate.
The unemployment rate rose to 4.3% in July from 4.1% in June.
This was well below consensus expectations and marked a downward revision of a combined 29,000 payrolls for May and June.
I’ll show you more later…
