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In July 2024, the U.S. unemployment rate rose to 4.3%, up from 4.1% in June, according to the latest U.S. Bureau of Labor Statistics release. This increase comes despite a modest rise in nonfarm payroll employment, which saw an addition of 114,000 jobs during the month. The report highlights an uneven recovery path, with significant job gains in sectors like healthcare, construction, and transportation, contrasted by a downturn in the information sector and an increase in the number of unemployed individuals by 352,000 to a total of 7.2 million.
While the healthcare sector added 55,000 jobs, construction contributed 25,000, and transportation and warehousing saw an increase of 14,000 positions, the information sector faced a decline, shedding 20,000 jobs. These changes in employment dynamics occurred even as the national labor force participation rate held steady at 62.7%, and the employment-population ratio was unchanged at 60.0%.
The report also notes that average hourly earnings for all employees on private nonfarm payrolls nudged up by $0.08 to $35.07, though the average workweek slightly decreased to 34.2 hours. This comes amid adjustments in employment figures from previous months, with a combined downward revision of 29,000 for May and June.
Despite concerns over economic impacts, Hurricane Beryl was mentioned as having no discernible effect on the national employment statistics for July. The Bureau of Labor Statistics is scheduled to release its next employment situation update on September 6, 2024, providing further insights into the ongoing labor market trends.