Last time, we explained that the Bureau of Labor Statistics (BLS) supports the Department of Labor with data and statistics to aid in its mission of developing the welfare of wage earners and job seekers like you.
In addition to its Monthly Labor Review, the BLS publishes a monthly report called the Employment Situation Summary. Spoiler alert: it’s super long. Here, then, is our boiled-down recap of this important release.
July’s Employment Situation Summary Key Takeaways:
Payroll employment (nonfarm) increased by 187,000 jobs in July 2023. But both the unemployment rate and the number of unemployed individuals (5.8 million) remained stable—unemployment’s been stalled between 3.4 and 3.7 percent since March 2022. Job gains were observed in health care, social assistance, financial activities, and wholesale trade, with joblessness among Asians decreasing to 2.3 percent. (The rates for adult men, adult women, teenagers, Whites, Blacks, and Hispanics stayed pretty much where they were last month.)
Temporary layoffs down; permanent job loss about the same
At the same time, the number of people on temporary layoffs went down significantly to 667,000, while those experiencing permanent job loss stayed at 1.4 million. Long-term (27 weeks or more) unemployment remained at 1.2 million, representing 19.9 percent of all unemployed individuals. And there were around 4 million people who preferred full-time employment but had to work reduced hours due to job unavailability, unchanged since June.
Who added jobs?
Average hourly earnings for all employees on private nonfarm payrolls rose by 0.4 percent, reaching $33.74. The average workweek for all employees edged down to 34.3 hours. And employment gains for May and June were revised downward by 25,000 and 24,000, respectively, due to updated reports and recalculated seasonal factors.
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