By Tom Burnett CFA
On August 2, 2024, the Bureau of Labor Statistics released the Employment Report for July. Total employment rose by 114,000, well below the average monthly gain of 215,000 over the previous 12 months. The number of job seekers rose by 352,000 to 7.2 million, up from 5.9 million a year ago. The unemployment rate moved up to 4.3% from 4.1% in the prior month.
In July, average hourly earnings for workers on private non-farm payrolls increased by $0.08 to $35.07, up 3.6% from a year ago.
Revisions to previous reports led to a decrease of 29,000 from the May-June totals.
The next Employment Report will be issued on September 6, 2024.
Tom Burnett CFA is Director of Research.