United States: Blockbuster Job Gains in July

Summary of the publication

According to today’s establishment survey, the US economy added 528,000 jobs in July after an increase of 398,000 in June (revised from 372,000).

Employment rose 69,000 in the goods-producing sectors, including 32,000 in construction and 30,000 in manufacturing.

The services-producing sectors saw a surge of 402,000 jobs. Hiring was broad-based, with health care and social assistance leading the way with 96,600. Leisure and hospitality posted its own 96,000 gain.

Average hourly earnings jumped 0.5% in July after rising 0.4% in June. They’re up 5.2% compared to a year earlier, unchanged from last month.

The unemployment rate fell from 3.6% to 3.5%. The household survey showed a gain of 179,000 jobs. The labour force shrank by 63,000 while the participation rate fell from 62.2% to 62.1%.