The Bureau of Labor Statistics has released the July Employment Situation Report.
The results were disappointing.
From the release:
Total nonfarm payroll employment declined by 131,000 in July, and the unemployment rate was unchanged at 9.5 percent, the U.S. Bureau of Labor Statistics reported today. Federal government employment fell, as 143,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment edged up by 71,000.
06Aug10 RTRS-U.S. JULY NONFARM PAYROLLS -131,000 (CONSENSUS -65,000) VS JUNE -221,000 (PREV -125,000), MAY +432,000 (PREV +433,000)
06Aug10 RTRS-US JULY PRIVATE SECTOR JOBS +71,000 (CONS +90,000), JUNE +31,000 (PREV +83,000); GOVT -202,000, CENSUS JOBS -143,000
06Aug10 RTRS-U.S. JULY JOBLESS RATE 9.5 PCT (CONS 9.6 PCT) VS JUNE 9.5 PCT
06Aug10 RTRS-U.S. JULY AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +0.2 PCT (CONS +0.1 PCT) VS JUNE UNCH, TO $22.59 VS JUNE $22.55
06Aug10 RTRS-U.S. JULY YEAR-ON-YEAR AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +1.8 PCT
06Aug10 RTRS-U.S. JULY AGGREGATE WEEKLY HOURS INDEX FOR ALL PRIVATE WORKERS +0.3 PCT VS JUNE -0.2 PCT
06Aug10 RTRS-TABLE-U.S. July nonfarm payrolls fell 131,000
At first glance, what stood out to me...
- The 96,000 revision to June data. That is big.
- 202,000 government job losses in July. June was revised from 208,000 cuts to 252,000
- Private Sector job growth was not impressive and the June print was revised lower from +83k to +31k. Ugh.
- Average hourly earnings and Average Weekly Hours improved. The Fed is watching for wage growth. This is the only bright spot I've seen so far.
- The Unemployment Rate held steady because 181,000 people exited the labor market, 153,000 of those people were considered "employed" last month
Both the number of unemployed persons, at 14.6 million, and the unemployment rate, at 9.5 percent, were unchanged in July. In July, the number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 6.6 million. These individuals made up 44.9 percent of unemployed persons. The civilian labor force participation rate (64.6 percent) and the employment-population ratio (58.4 percent) were essentially unchanged in July; however, these measures have declined by 0.6 percentage point and 0.4 point, respectively, since April.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged over the month at 8.5 million but has declined by 623,000 since April. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
About 2.6 million persons were marginally attached to the labor force in July, an increase of 340,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
Among the marginally attached, there were 1.2 million discouraged workers in July, up by 389,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities.
