Friday, August 1, 2014

Payrolls Rose by 209,000 in July, Unemployment Rate Edges up to 6.2%

Total nonfarm payroll employment rose by 209,000 jobs in July, the sixth consecutive month of at least 200,000 jobs being created. The unemployment rate rose slightly to 6.2%, according to the U.S. Bureau of Labor Statistics. June’s report included upward revisions of 15,000 jobs to May and June’s headline number. The labor force participation rate edged up to 62.9%, still lower than year-ago levels.

The private sector, particularly the service industry, continues to drive job growth. The service sector added 151,000 jobs, lower than the 200+ gains the past three months but above year-ago levels. Gains in the service sector were led by professional and business services, which grew by 47,000 jobs.

The goods producing sector continues to edge back up, growing by 58,000 jobs. Government employment increased by 11,000, less than half of the growth seen the prior month.

The unemployment rate edged higher, signaling that new jobs created were not numerous enough for the number of new entrants into the labor market. The number of long term unemployed, defined as those who have been out of work for over 27 weeks, edged up by 74,000 people to 3.2 million — accounting for almost 33% of all unemployed individuals.

Read the BLS report.

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