Another month of monotony took place in U.S. jobs, with a preliminary gain of 215,000 net new jobs from June to July. While just less than one-half the gain seen from November to December 2015 of 423,000 new jobs, it is almost twice that of the 119,000 recorded from February to March of this year. Still, total job growth in the prior 12 months was an impressive 2.195 million net new jobs. Other than the period from December 2014 to date (where 12-month job growth has ranged from 2.915 million to 3.229 million), to find a period with greater total 12-month job gains requires looking all the way back to June 2000.
Once again the U.S. has more jobs than any time in history. The following charts show the 12-month change in jobs, the first from 1999 to July 2015 and the second from January 2011 to July 2015.
While the U.S. continues to add jobs, it does so at less than an exciting comparable rate. As shown in the following graph which compares monthly job gains for 2014 and 2015, the net increase in July 2015 was less than the gain a year earlier. Ditto March, April and June. Never-the-less, the U.S. continues to grow jobs monthly.
Other details of the July 2015 employment situation include:
- The Unemployment Rate remained constant at 5.3 percent with 8.3 million people currently classified as unemployed
- Long-Term Unemployed (jobless for 27 or more weeks) totaled 2.2 million, essentially unchanged from the previous month
- The Labor Force Participation Rate (working-aged persons 16 to 64) stayed at 62.6 percent. 93.77 million people aged 16 and up are now classified as Not in the Workforce. This is an increase of 15.216 million people since January 2008, which if included in unemployment numbers would tally to a 15.1 percent unemployment level
- 6.3 million people were employed Part-Time for Economic Reasons (prefer full-time jobs but either had their hours cut or cannot find a full-time job)
- 1.9 million people were Marginally Attached to the Labor Force (want a job, had searched for a job in the prior 12 months, but had not looked for a job in the past four weeks), down 251,000 from a year ago
- Within the Marginally Attached to the Workforce, 668,000 were classified as Discouraged Workers (not currently looking for a job since they believe there are no jobs for them) essentially flat from a year ago
- Retail Trade employment increased 36,000 in July, averaging 26,800 monthly in the prior 12 months
- Health Care jobs gained 28,000 in July and are up 436,000 in the past 12 months (36,300 average per month)
- Professional and Technical Services added 27,000 jobs in July averaging 25,000 monthly in the past year
- Financial Activities grew by 17,000 in July and 156,000 in the past 12-months (13,000 monthly average)
- Manufacturing jobs rose by 15,000 in July and have averaged 13,250 new jobs monthly in the past 12-months, increasing by a total 159,000 net new jobs
- Food Services and Drinking Places grew by 29,000 in July, and with 376,000 new jobs in the past 12 months is averaging 31,300 monthly
- Transportation and Warehousing increased jobs were up 14,000 in July with an average 12,200 per month in the past year
- Average Hourly Earnings for private nonfarm payrolls increased an average 5 cents per hour in July to $24.99 per hour and are up 2.1 percent in the past 12 months
To read the entire July 2015 Employment Situation from the Bureau of Labor Statistics click http://www.bls.gov/news.release/empsit.nr0.htm
Jobs are everything, and we have more than any time in history. Be, sensitive, however, to those still looking for jobs and those that have literally given up.
Ted