By Tom Burnett CFA
On August 5, 2022, the Bureau of Labor Statistics released its employment report for the month of July. Total nonfarm payroll employment rose by 528,000 jobs and the unemployment rate fell from 3.6% to 3.5%. The number of jobs has now risen by 22 million from the April 2020 low brought on by the Covid-19 outbreak. Total employment is back to its highest February 2020 level. The number of unemployed fell from 5.9 million to 5.7 million, the lowest level since February 2020. Since the February 2020 high level, private employment is now 629,000 above that level while government job totals are now 597,000 lower than the pre-Covid highest level.
Manufacturing employment rose by 30,000 jobs and is now higher by 41,000 from its February 2020 level.
Average hourly earnings rose $0.15 to $32.27, up by 5.2% from a year ago.
Revisions to the previously issued reports for May and June added a total of 28,000 jobs to total employment.
The next report will be issued on September 2, 2022.
Tom Burnett CFA is Director of Research