Economy Gains 164,000 Jobs in July; Unemployment Steady at 3.7%

Economy Gains 164,000 Jobs in July; Unemployment Steady at 3.7%

The U.S. economy gained 164,000 jobs in July, and the unemployment rate remained at 3.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Compensation in both union and nonunion sectors showed modest growth for the year ending June 2019. Meanwhile, productivity is rising faster than wages in too many industries.

In response to the July job numbers, AFL-CIO Chief Economist William Spriggs tweeted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Last month’s biggest job gains were in professional and technical services (31,000), health care (30,000), social assistance (20,000), financial activities (18,000) and manufacturing (16,000). Mining saw a loss of jobs (5,000). Employment in other major industries, including construction, wholesale trade, retail trade, transportation and warehousing, information, leisure and hospitality, and government changed little over the month.

Among the major worker groups, the unemployment rates rose for Asians (2.8%) and Hispanics (4.5%). The unemployment rates for teenagers (12.8%), blacks (6.0%), adult men (3.4%), whites (3.3%) and adult women (3.4%) showed little or no change in July.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in July and accounted for 19.2% of the unemployed.

Kenneth Quinnell
Fri, 08/02/2019 – 10:35

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Updated: August 19, 2019 — 11:28 am