News

In July, the unemployment rate rose 0.2% to 4.3%, with 7.2 million people unemployed, an increase of 352,000. This is the fourth straight monthly increase in the unemployment rate and the highest in nearly three years. The unemployment rate is up from 3.5% a year ago. Among major worker groups, the unemployment rates for adult men (4.0%) and Whites (3.8%) increased, while the rates for adult women (3.8%), teenagers (12.4%), Blacks (6.3%), Asians (3.7%) and Hispanics (5.3%) remained largely unchanged.

In July, total nonfarm payroll employment increased 114,000, below the consensus expectation and below the average monthly gain of 215,000 over the previous year. Revisions for May and June’s employment numbers resulted in a combined decrease of 29,000 jobs. Job growth was notable in health care (+55,000) and construction (+25,000), while the information sector experienced a decline (-20,000). Manufacturing added 1,000 jobs during July.

The labor force participation rate was stable at 62.7%, with little change over the past year. Average hourly earnings for all private nonfarm employees rose 8 cents to $35.07, reflecting a 3.6% increase over the past year.