by Calculated Risk on 8/03/2007 08:18:00 AM

The BLS reports: U.S. nonfarm payrolls rose by 92,000 in June. The unemployment rate was up slightly at 4.6% in July.

Click on graph for larger image.

Here is the cumulative nonfarm job growth for Bush's 2nd term. The gray area represents the expected job growth (from 6 million to 10 million jobs over the four year term). Job growth has been solid for the last 2 1/2 years and is near the top of the expected range.


Residential construction employment was flat in July, and including downward revisions to previous months, is down 141.2 thousand, or about 4.1%, from the peak in March 2006. (compare to housing starts off 30%).

Note the scale doesn't start from zero: this is to better show the change in employment.

The ADP report wasn't close to the BLS report this month. ADP estimated private employment grew by only 48K in July, and the BLS reported private employment grew by 120K.