Unemployment down to 10.2%
Yahoo Finance's Brian Sozzi, Alexis Christoforous, and Jessica Smith break down the numbers for the July jobs report.
Video Transcript
- Good morning. It's worth hitting those headline numbers one more time. Non-farm payrolls rose by 1.8 million in July and the unemployment rate came in at 10.2%. The number of people on temporary layoffs in July decreased by 1.3 million to 9.2 million. The labor force participation rate was at 61.4%. That is little change from the month prior.
Where we did see the most jobs added back were leisure and hospitality. 592,000 jobs were added there. Most of those being in restaurants and bars. Government employment increased by 301,000. That was largely public school teachers. Retail gained back 258,000 jobs.
And then looking at the average hourly earnings, those rows by $0.07 to $29.39. That's an increase of 4.8% year over year and a 0.2% increase month over month.
We did have some revisions to take into consideration, as well. May was revised upward by 26,000, and June employment was revised down by 9,000. So employment in both of those months combined was 17,000 jobs higher than previously reported.
Now the U6-- that's the broadest measure of unemployment-- came in at 16.5%. That is down from 18% in June. But, again, non-farm payrolls rose by 1.8 million in July. Unemployment rate at 10.2%.
