August Employment Report

By Stephen Singer, August 20, 2013

This month’s summary of the Bureau of Labor Statistics report on Employment has continued good news. Nonfarm payroll employment increased by 162,000 in July, and the unemployment rate edged down to 7.4 percent. Over the prior 12-month period, job gains averaged 189,000 per month. In July, employment rose in retail trade, food services, financial activities, and wholesale trade.

Retail trade employment grew by 47,000 over the month. Job gains were widespread in the industry. Food services and drinking places added 38,000 jobs in July and 381,000 over the year. Employment in financial activities increased by 15,000 in July, due in part to job gains in the securities industry. Wholesale trade continued to show steady job growth, with a gain of 14,000. Elsewhere in the service-providing sector, professional and business services employment continued to trend up (+36,000).  Health care employment was essentially unchanged over the month. Thus far in 2013, job growth in health care has averaged 16,000 per month, compared with an average monthly increase of 27,000 in 2012. Employment in other major industries also was little changed in July.

The June Bureau of Labor Statistics Job Opening Report found 3.9 million job openings on June 30, 2013. The hires rate (3.1%) and separation rate (3.0%) were also unchanged. The table above details Job openings, hires and separations by Industry Class.