The U.S. Bureau of Labor Statistics reported this morning that 215k nonfarm payrolls were added during the month of July. This follows revised payrolls gains of 231k in June and 260k in May.
The Professional Services industry added the most jobs in July.
The Education and Health Services industry, the Leisure and Hospitality industry, and the Professional Services industry have contributed the most to job gains over the last 8 years. The Construction and Manufacturing sectors have had the most difficulty recovering from the economic downturn.
The household survey shows that 536k full-time jobs were added in July, while part-time employment decreased by 402k. Since November 2007, when the household survey showed peak employment, full-time jobs have decreased by 286k and part-time jobs have increased by 2,507k.
Part-time employees made up 18.32% of the workforce in July, down from 18.60% in June.
Those part-time for economic reasons, workers who would prefer to be full-time but are involuntarily part-time, as a share of those part-time for noneconomic reasons was unchanged at 31.9%.
The unemployment rate (U-3) was 5.3% in July, unchanged from June. The broader unemployment rate (U-6) decreased to 10.4% from 10.5%.
The spread between the U-6 and U-3, or underemployment spread, decreased to 5.1%.
Youth unemployment continues to be volatile.
Unemployment for those with less than a high school diploma was at 8.3%.
Blacks continue to experience the highest unemployment rate at 9.1%.
The labor force participation rate was unchanged at 62.6%, while the employment-to-population ratio was also unchanged at 59.3%.
Participation among men was unchanged at 69.0% and participation among women was unchanged at 56.7%.
The participation rate for prime age workers (25-54) decreased to 80.7% from 80.8%.
Average weekly hours worked by production and supervisory employees was unchanged at 33.7, while average hourly earnings increased to $21.01 from $20.98. Average hourly earnings have increased 1.84% from a year ago.
Average duration of unemployment in July was 28.3 weeks, up from 28.1. This metric reached a high of 40.7 in 2011, and is still elevated by historical standards.
Of those unemployed, 41.5% have been so for 15 weeks or longer.
Annual employment growth against real GDP growth: