by Calculated Risk on 8/02/2024 08:30:00 AM

From the BLS: Employment Situation

The unemployment rate rose to 4.3 percent in July, and nonfarm payroll employment edged up by 114,000, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs.
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The change in total nonfarm payroll employment for May was revised down by 2,000, from +218,000 to +216,000, and the change for June was revised down by 27,000, from +206,000 to +179,000. With these revisions, employment in May and June combined is 29,000 lower than previously reported.
emphasis added

Click on graph for larger image.

The first graph shows the jobs added per month since January 2021.

Total payrolls increased by 114 thousand in July.  Private payrolls increased by 97 thousand, and public payrolls increased 17 thousand.

Payrolls for May and June were revised down 29 thousand, combined.

The second graph shows the year-over-year change in total non-farm employment since 1968.

In July, the year-over-year change was 2.51 million jobs.  Employment was up solidly year-over-year.

The third graph shows the employment population ratio and the participation rate.

The Labor Force Participation Rate increased to 62.7% in July, from 62.6% in June. This is the percentage of the working age population in the labor force.

The Employment-Population ratio decreased to 60.0% from 60.1% in June (blue line).

I'll post the 25 to 54 age group employment-population ratio graph later.

The fourth graph shows the unemployment rate.

The unemployment rate increased to 4.3% in July from 4.1% in June.

This was well below consensus expectations, and May and June payrolls were revised down by 29,000 combined.  

I'll have more later ...