The Labor Department released its July hiring and unemployment figures on Friday morning, providing the latest snapshot of the American economy.
The July jobs report showed an increase in total nonfarm employment by 209,000 jobs. The unemployment rate decreased slightly to 4.3 percent, continuing to hover at a 16-year low. The June jobs report was also revised up by 9,000 jobs to 231,000. This news is expected to have positive results in the stock market and government bonds.
This month, the largest employment increases occurred in food services and drinking places, professional and business services and health care.
Economists had expected employment gains of 180,000. Actual gains of 209,000 exceeded those expectations.
This months report
Let’s break down the numbers from this month’s report.
In July, hourly wages increased by 0.09 to 26.36 per hour, following a 5 cent increase in June. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight uptick to 4.3 percent.
- $26.36 July
- 0.09 month-over-month
- 2.5% year-over-year
- $26.27 June
In-Depth Look: Our Industries
Let’s dive right into a look at how our industries compare to the national numbers:
- Month-over-month change: 16,000
- 66,000 jobs added year-over-year
Administrative and support services
- Month-over-month change: 30,200
- 271,000 jobs added year-over-year
- Month-over-month change: 7,300
- 87,300 jobs added year-over-year
- Month-over-month change: 6,000
- 191,000 jobs added year-over-year
Professional and business services
- Month-over-month change: 49,000
- 580,000 jobs added year-over-year
Transportation and warehousing
- Month-over-month change: 900
- 90,200 jobs added year-over-year
Office administrative services
- Month-over-month change: 1,100
- 28,900 jobs added year-over-year
- Month-over-month change: 39,400
- 326,700 jobs added year-over-year
The market remains hot for job seekers looking for top HR, non-clinical healthcare and supply chain and logistics positions; therefore employers will need to stay competitive. Make sure you’re paying your people the right salary and doing everything you can to recruit and retain the best talent – check out our 2017 Salary Guide.