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Jobs growth misses expectations

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Jobs growth misses expectations

209,000 jobs created during month; unemployment rate increases to 6.2%.

Total nonfarm payroll employment rose by 209,000 in July, and the unemployment rate increased to 6.2%, the U.S. Bureau of Labor Statistics reported today. Consensus estimates had expected an increase of 233,000 new jobs.

Job gains were led by employment growth in professional and business services, which produced 47,000 new jobs.

The historically low employment participation rate, at 62.9%, remained largely unchanged. 

Additionally, the number of involuntarily part-time workers remained flat at 7.5 million, suggesting that while new jobs are being created, the nature of those jobs may be suspect.  

The number of unemployed persons remained fairly flat, coming in at 9.7 million.

Over the prior 12 months, the number of unemployed persons has declined 1.7 million, while the unemployment rate has declined by 1.1 percentage points.

The full report can be found here.

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