Here's how the Jobs Report numbers breaks down...
- Total nonfarm payroll employment rose by 255,000 in July, and the unemployment rate was unchanged at 4.9 percent
- Job gains occurred in professional and business services, health care, and financial activities while employment in mining continued to trend down.
- The unemployment rate held at 4.9 percent and the number of unemployed people was essentially unchanged at 7.8 million.
- Professional and business services added 70,000 jobs in July and has added 550,000 jobs over the past 12 months.
- In July, health care employment increased by 43,000
- Employment in financial activities rose by 18,000and has risen by 162,000 over the year.
- Employment in leisure and hospitality continued to trend up in July.
- Government employment edged up in July as well.
- Employment in mining continued to trend down over the month since reaching apeak in September 2014.
- Employment in other major industries, including construction, manufacturing, wholesaletrade, retail trade, and information, remained steady over the month.
- The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in July.
- In manufacturing, the workweek was unchanged at 40.7 hours, while overtime increased by 0.1 hour to 3.3 hours.
- The average workweek for production and nonsupervisory employees on private nonfarm payrolls also increased by 0.1 hour to 33.7hours
- In July, average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents to $25.69. Over the year, average hourly earnings have risen by 2.6 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $21.59 in July.
- To add to the already positive report the change in total nonfarm payroll employment for May was revised from +11,000 to+24,000, and the change for June was revised from +287,000 to +292,000. With these revisions, employment gains in May and June combined were 18,000 more than previously reported.
- Over the past 3 months, job gains have averaged 190,000 per month.
Here are some economic analyst take on this months report...
Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York said...
"The July jobs report was everything you could have asked for and more. Provided the strength in jobs is confirmed with other economic data, the Fed will have sufficient reason to hike (rates) this year,"
Joseph Lake, global economist at The Economist Intelligence Unit, a New York firm says...
"Jobs reports like this, where everything comes up smelling of roses, are very rare,"
Michael Gapen, chief United States economist at Barclays says...
“This is a validator. This is a report that indicates that the slowdown in hiring earlier in the year has been reversed.”
Jared Bernstein, an economist who served in the Obama administration said...
“The idea that Republicans are touting, that the job market is a wreck, is clearly belied by the data. What matters most to people isn’t G.D.P. growth, it’s jobs and wages.”
With this latest jobs report President Obama has added 15.0 million private sector jobs to our economy over a record shattering 77 months...