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July Employment Report: 943 Thousand Jobs, 5.4% Unemployment Rate


by Calculated Risk on 8/06/2021 08:41:00 AM

From the BLS:

Total nonfarm payroll employment rose by 943,000 in July, and the unemployment rate
declined by 0.5 percentage point to 5.4 percent, the U.S. Bureau of Labor Statistics
reported today. Notable job gains occurred in leisure and hospitality, in local government
education, and in professional and business services.

The change in total nonfarm payroll employment for May was revised up by 31,000, from
+583,000 to +614,000, and the change for June was revised up by 88,000, from +850,000 to
+938,000. With these revisions, employment in May and June combined is 119,000 higher
than previously reported.
emphasis added

Click on graph for larger image.

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

In July, the year-over-year change was 7.255 million jobs. This was up significantly year-over-year.

Total payrolls increased by 943 thousand in July. Private payrolls increased by 703 thousand.

Payrolls for May and June were revised up 119 thousand, combined.

The second graph shows the job losses from the start of the employment recession, in percentage terms.

The current employment recession was by far the worst recession since WWII in percentage terms, but currently is not as severe as the worst of the “Great Recession”.

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

The Labor Force Participation Rate increased to 61.7% in June, from 61.6% in June. This is the percentage of the working age population in the labor force.

The Employment-Population ratio increased to 58.4% from 58.0% (black 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 decreased in July to 5.4% from 5.9% in June.

This was slightly above consensus expectations, and May and June were revised up by 119,000 combined.

I’ll have more later …

July Employment Report: 943 Thousand Jobs, 5.4% Unemployment Rate

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