The unemployment rate decreased slightly in July as total nonfarm payroll employment increased by +187,000, according to this month’s BLS jobs report. Unemployment is now 3.5%, down 0.1 percentage point from the previous month, while labor force participation remained steady at 62.6%.
The employment gain was significantly lower than the 12-month average of 312,000. July saw gains in healthcare (+63,000), social assistance (+24,000), financial activities (+19,000), construction (+19,000), and wholesale trade (+18,000), among others.
Temporary help services saw an employment decline of -22,000. The industry is now down 205,000 jobs since its peak in March 2022.
The BLS also revised its previous two reports: total nonfarm payroll employment for May was revised down by 25,000 (from +306,000 to +281,000), and June was revised down by 24,000 (from +209,000 to +185,000).
