By Tom Burnett CFA
On August 4, 2023, the Bureau of Labor Statistics released its Employment Report for July. Total employment rose by 187,000 jobs to a total of 156.3 million. Unemployment held steady at 5.8 million, leaving the rate unchanged from June at 3.5%. This rate has ranged between 3.4% and 3.7% since March 2022. The 5.8 million figure compares to the latest job openings of 9.6 million (BLS Report dated August 1, 2023).
Average hourly earnings rose $0.14 to $33.74, up 4.4% from a year ago.
Manufacturing employment was little changed in July.
Earlier employment figures for May and June were revised downward by a total of 49,000.
The next Employment Report will be issued on September 1, 2023.
Tom Burnett CFA is Director of Research