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July Jobs Jump

Tue, August 09, 2022 2:40 PM | Anonymous member (Administrator)

July job numbers continued their upward trend with a sizable move of 528,000 new positions according to the latest Labor Department figures. (This is more than 3.0x above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment dropped to 3.5 percent in July, consistent seasonal work while matching the general unemployment percentage. [The new figure is down 0.2 basis points vs. June ‘22 level; while being down by 2.6 points from the pandemic/shutdown impacted 6.1% figure of last July 2021]. Employment in construction increased by 32,000 in July, as specialty trade contractors added 22,000 jobs. Construction overall employment is now 82,000 higher than in February 2020.   

The general unemployment slipped to 3.5 percent. (“Unemployed persons” was 5.7 million per the government count). The “labor force participation rate” slipped one tenth to 62.1 percent. [NOTE: The “labor force participation” rate “typically” works inversely to the overall unemployment figures. Meaning: as it deteriorates/gets worse or smaller, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer counted as unemployed by the DOL). The “employment to population ratio” experienced a slight increase of 0.1 to 60.0 percent. Average hourly earnings continued their long steady incremental climb, now standing at $27.57 for private sector production and nonsupervisory employees. 

SEE the Workforce Statistics Chart 

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