EconomyEmployment Situation Summary

Employment Situation Summary – 2023 M07 Results – TheFinanceHeadline

Employment Situation Summary

Transmission of material in this news release is embargoed until	               USDL-23-1689
8:30 a.m. (ET) Friday, August 4, 2023
Technical information: 
 Household data:     (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data: (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces
Media contact:	     (202) 691-5902  *  PressOffice@bls.gov

                     THE EMPLOYMENT SITUATION -- JULY 2023

Total nonfarm payroll employment rose by 187,000 in July, and the unemployment rate 
changed little at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. 
Job gains occurred in health care, social assistance, financial activities, and 
wholesale trade.
This news release presents statistics from two monthly surveys. The household 
survey measures labor force status, including unemployment, by demographic 
characteristics. The establishment survey measures nonfarm employment, hours, 
and earnings by industry. For more information about the concepts and statistical 
methodology used in these two surveys, see the Technical Note.
Household Survey Data
Both the unemployment rate, at 3.5 percent, and the number of unemployed persons,
at 5.8 million, changed little in July. The unemployment rate has ranged from 3.4 
percent to 3.7 percent since March 2022. (See table A-1.)
Among the major worker groups, the unemployment rate for Asians declined to 2.3 
percent in July. The jobless rates for adult men (3.3 percent), adult women (3.1 percent), 
teenagers (11.3 percent), Whites (3.1 percent), Blacks (5.8 percent), and Hispanics 
(4.4 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.)
Among the unemployed, the number of persons on temporary layoff decreased by 175,000 
to 667,000 in July. The number of permanent job losers changed little at 1.4 million.
(See table A-11.)
The number of long-term unemployed (those jobless for 27 weeks or more) was little 
changed at 1.2 million in July and accounted for 19.9 percent of all unemployed persons.
(See table A-12.)
The labor force participation rate was 62.6 percent for the fifth consecutive month.
The employment-population ratio, at 60.4 percent, remained little changed in July. 
(See table A-1.)
The number of persons employed part time for economic reasons, at 4.0 million, changed 
little in July. These individuals, who would have preferred full-time employment, were 
working part time because their hours had been reduced or they were unable to find 
full-time jobs. (See table A-8.)
The number of persons not in the labor force who currently want a job was 5.2 million
in July, little changed from the prior month. These individuals were not counted as 
unemployed because they were not actively looking for work during the 4 weeks preceding
the survey or were unavailable to take a job. (See table A-1.)
Among those not in the labor force who wanted a job, the number of persons marginally
attached to the labor force was essentially unchanged at 1.4 million in July. These 
individuals wanted and were available for work and had looked for a job sometime in 
the prior 12 months but had not looked for work in the 4 weeks preceding the survey. 
The number of discouraged workers, a subset of the marginally attached who believed
that no jobs were available for them, changed little at 335,000 in July. 
(See Summary table A.) 
Establishment Survey Data
Total nonfarm payroll employment rose by 187,000 in July, less than the average monthly
gain of 312,000 over the prior 12 months. In July, job gains occurred in health care, 
social assistance, financial activities, and wholesale trade. (See table B-1.)
In July, health care added 63,000 jobs, compared with the average monthly gain of 
51,000 in the prior 12 months. Over the month, job growth occurred in ambulatory health 
care services (+35,000), hospitals (+16,000), and nursing and residential care facilities
(+12,000).
Social assistance added 24,000 jobs in July, in line with the average monthly gain of 
23,000 in the prior 12 months. Individual and family services added 19,000 jobs over 
the month.
Employment in financial activities increased by 19,000 in July. The industry had added 
an average of 16,000 jobs per month in the second quarter of the year, after employment
was essentially flat in the first quarter. Over the month, a job gain in real estate and
rental and leasing (+12,000) was partially offset by a loss in commercial banking (-3,000).
In July, employment in wholesale trade increased by 18,000, after showing little net 
change in recent months. 
Employment in the other services industry continued to trend up in July (+20,000), compared
with the average monthly gain of 15,000 over the prior 12 months. Employment in personal
and laundry services continued to trend up over the month (+11,000). Employment in other 
services remains below its pre-pandemic February 2020 level by 53,000, or 0.9 percent.
Construction employment continued to trend up in July (+19,000), in line with the average
monthly gain of 17,000 in the prior 12 months. Over the month, job growth occurred in
residential specialty trade contractors (+13,000) and in nonresidential building construction
(+11,000).
In July, employment in leisure and hospitality was little changed (+17,000). The industry 
has shown little employment change in recent months, following average monthly gains of 
67,000 in the first quarter of the year. Employment in leisure and hospitality remains 
below its February 2020 level by 352,000, or 2.1 percent.
Employment in professional and business services changed little in July (-8,000). Monthly job
growth in the industry had averaged 38,000 in the prior 12 months. Employment in temporary help
services continued to trend down over the month (-22,000) and is down by 205,000 since its peak
in March 2022. Employment in professional, scientific, and technical services continued to trend
up in July (+24,000). 
Employment showed little change over the month in other major industries, including mining, 
quarrying, and oil and gas extraction; manufacturing; retail trade; transportation and 
warehousing; information; and government.
	
In July, average hourly earnings for all employees on private nonfarm payrolls rose by 14 cents,
or 0.4 percent, to $33.74. Over the past 12 months, average hourly earnings have increased by
4.4 percent. In July, average hourly earnings of private-sector production and nonsupervisory 
employees rose by 13 cents, or 0.5 percent, to $28.96. (See tables B-3 and B-8.) 
The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour 
to 34.3 hours in July. In manufacturing, the average workweek remained unchanged at 40.1 hours,
and overtime was unchanged at 3.0 hours. The average workweek for production and nonsupervisory
employees on private nonfarm payrolls remained at 33.8 hours. (See tables B-2 and B-7.)
The change in total nonfarm payroll employment for May was revised down by 25,000, from +306,000 
to +281,000, and the change for June was revised down by 24,000, from +209,000 to +185,000. With 
these revisions, employment in May and June combined is 49,000 lower than previously reported. 
(Monthly revisions result from additional reports received from businesses and government agencies
since the last published estimates and from the recalculation of seasonal factors.)
____________
The Employment Situation for August is scheduled to be released on Friday, September 1, 2023, 
at 8:30 a.m. (ET).

 _______________________________________________________________________________________
|											|
|	2023 Preliminary Benchmark Revision to Establishment Survey Data                |
|                       to be Released on August 23, 2023		                |
|											|
| Each year, the establishment survey estimates are benchmarked to comprehensive counts | 
| of employment from the Quarterly Census of Employment and Wages (QCEW) for the month 	|
| of March. These counts are derived from state unemployment insurance (UI) tax records	|
| that nearly all employers are required to file. At 10:00 a.m. (ET) on August 23, 2023,| 
| the Bureau of Labor Statistics (BLS) will release the preliminary estimate of the 	|
| upcoming annual benchmark revision to the establishment survey data. This is the same | 
| day that the first-quarter 2023 data from QCEW will be issued. Preliminary benchmark 	|
| revisions for all major industry sectors, as well as total nonfarm and total private  |
| employment, will be available at www.bls.gov/web/empsit/cesprelbmk.htm.	        |
|											|
| The final benchmark revision will be issued with the publication of the January 2024  |
| Employment Situation news release in February 2024.					|
|_______________________________________________________________________________________|

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button