209,000 Non-Farm Payroll Jobs in July; Unemployment Rate Increases To 6.2 Percent

jobRecent employment numbers released today from the Department of Labor showed the U.S. economy adding 209,00 non-farm payroll jobs in July, slightly below Wall Street consensus estimates, while the U.S. unemployment rate increased to 6.2 percent from 6.1 percent in June.

July marks the 6th consecutive monthly gain of non-farm payroll job growth over 200,000.

Nonfarm payroll employment numbers for May and June were revised higher by 15,000.

May’s payroll revision moved higher from 224,000 to 229,000 and June’s was revised higher from 288,000 to 298,000.

The average workweek for all employees on private nonfarm payrolls was 34.5 hours in July, matching the same level for five consecutive months.

The labor force participation rate moved slightly higher in July to 62.9 percent.

Average hourly earnings for all employees on private nonfarm payrolls edged up slightly in July by 1 cent to $24.45, the weakest gain in 3 months.

Job gains were led by increases in professional and business services, adding 47,000 jobs in July.

Manufacturing added 28,000 jobs in July, led by job gains in motor vehicles and parts in addition to furniture related products.

Construction job employment increased by 22,000 in July.

Retail employment rose by 27,000.

In 2014 retail has added 298,000 jobs.

-Johnathan Schweitzer

 

 

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