Hickey Jobs Report Update – US adds 943,000 jobs as unemployment drops to 5.4% in July 2021.
US economy adds 943k jobs as unemployment drops to 5.4% according to the latest U.S. Bureau of Labor Statistics Jobs Report.
This month’s release of the U.S. Bureau of Labor Statistics July 2021 Employment Situation Summary, often referred to as the Jobs Report, delivered positive results as unemployment starts to show significant progress (-.5%), but still sits almost 2 points higher than pre-pandemic figures.
Hourly earnings continue to rise (+11 cents) for the third month in a row as employers struggle to fill certain roles. Temporary unemployment fell by 572k and has made a considerable comeback as the overall numbers are down to 1.2 million from a pandemic high of 18 million. Additionally, telework is down from 14.4% to 13.2% as employees slowly trickle back to the office.
Leisure and Hospitality
The hardest hit industry from pandemic restrictions continues its uphill climb by adding 380,000 jobs. Two-thirds of those new jobs occurred at food service and drinking places. Even with steady gains in accommodations (+74k), arts, entertainment, and recreation (+53k), the industry is still 1.7 million jobs (10.3%) under pre-pandemic numbers.
Still down over 500k jobs from February 2020, a loss of 13k jobs in nursing was offset by ambulatory health care services (+32k) and hospitals (+18k).
Seasonal hiring trends which continue to be disrupted due to social restrictions make analyzing this sectors numbers complex. Employment gained 221k jobs in local government education and 40k in the private sector., but are still down 205k and 207k respectively.
Professional and Business Services
There wasn’t much movement on this sector last month. Overall, 60k jobs were added in July, most of which – 43k – are in the technical and professional services field. Those specific job roles are up 121k from pre-pandemic numbers. Management roles dropped by 3k jobs and is over 100k lower than February 2020.
Still down by 433k since the pandemic took hold of the country, manufacturing businesses added 27k jobs in July 2021. A slight increase from the previous month.
Transportation and Warehousing
The industry has regained 92.9% of jobs lost at the onset of pandemic restrictions and added 50k jobs last month. The leading roles were ground passenger transportation (+19k) and warehousing and storage (+11k).
Retail continues to struggle, losing 6k jobs last month after showing increases for two months prior. Loses in building material and garden supply (-34k) offset gains in gas stations (+14k), store retailers (+7k), and non-store retailers (+5k).
Among other industries across the U.S. economy, the following employment numbers were released in the latest report:
- Financial: +22k
- Construction: Little Change
- Information: +24k
- Mining: +7k
For more information on the latest Jobs Report, including additional details on the data concepts and statistical methodologies utilized, visit the Bureau of Labor Statistics Employment Situation Summary website.