Latest news with #NationalEmployment
Miami Herald
01-08-2025
- Business
- Miami Herald
Jobs report: U.S. added 73,000 jobs in July, below expectations
Aug. 1 (UPI) -- Jobs growth was slower than expected in July, and the unemployment rate rose, showing signs of trouble for the labor market. Nonfarm payroll for July was up by 73,000, which is higher than June at 14,000. But the Dow Jones estimate for gain was 100,000. The totals for May and June were revised significantly, down by 258,000 from what was announced. May was revised from 144,000 jobs added to 19,000 jobs added. June's revision went from 147,000 jobs added to 14,000, according to the Bureau of Labor Statistics Employment Situation Summary. Revisions come from additional reports from businesses and government agencies since the last published numbers and seasonal factors. Unemployment raised to 4.2%, which was predicted. "This is a gamechanger jobs report," said Heather Long, chief economist at Navy Federal Credit Union, to CNBC. "The labor market is deteriorating quickly." This is in sharp contrast to what ADP reported just two days ago. The employment company's National Employment report said private sector employment increased by 104,000 jobs in July, a reversal of June when jobs were at a 23,000 loss, a count revised from a previously announced loss of 33,000. "Our hiring and pay data are broadly indicative of a healthy economy," said ADP Chief Economist Nela Richardson in a press release on July 30. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient." The health care industry added 55,000 jobs, which is higher than the monthly gain of 42,000 over the previous 12 months. Those jobs were mostly in ambulatory care services and hospitals. Social assistance employment added 18,000 job growth in July. Federal government employment lost 12,000 jobs in July and is down by 84,000 since January. The household survey was worse than the establishment survey of total payroll gains. It showed a decline of 260,000 workers, with the participation rate at 62.2%, the lowest since November 2022. The number of discouraged workers decreased by 212,000 in July to 425,000, largely offsetting an increase in the prior month. Discouraged workers are those who believed that no jobs were available for them. Those employed part time for economic reasons, at 4.7 million, changed little in July. These are people who wanted full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
01-08-2025
- Business
- UPI
Jobs report: U.S. added 73,000 jobs in July, below expectations
A now hiring banner hangs outside a waste management business in Irwindale, Calif., in 2021. Friday's jobs report from the U.S. Bureau of Labor Statistics is bleaker than expected. File Photo by Jim Ruymen/UPI | License Photo Aug. 1 (UPI) -- Jobs growth was slower than expected in July, and the unemployment rate rose, showing signs of trouble for the labor market. Nonfarm payroll for July was up by 73,000, which is higher than June at 14,000. But the Dow Jones estimate for gain was 100,000. The totals for May and June were revised significantly, down by 258,000 from what was announced. May was revised from 144,000 jobs added to 19,000 jobs added. June's revision went from 147,000 jobs added to 14,000, according to the Bureau of Labor Statistics Employment Situation Summary. Revisions come from additional reports from businesses and government agencies since the last published numbers and seasonal factors. Unemployment raised to 4.2%, which was predicted. "This is a gamechanger jobs report," said Heather Long, chief economist at Navy Federal Credit Union, to CNBC. "The labor market is deteriorating quickly." This is in sharp contrast to what ADP reported just two days ago. The employment company's National Employment report said private sector employment increased by 104,000 jobs in July, a reversal of June when jobs were at a 23,000 loss, a count revised from a previously announced loss of 33,000. "Our hiring and pay data are broadly indicative of a healthy economy," said ADP Chief Economist Nela Richardson in a press release on July 30. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient." The health care industry added 55,000 jobs, which is higher than the monthly gain of 42,000 over the previous 12 months. Those jobs were mostly in ambulatory care services and hospitals. Social assistance employment added 18,000 job growth in July. Federal government employment lost 12,000 jobs in July and is down by 84,000 since January. The household survey was worse than the establishment survey of total payroll gains. It showed a decline of 260,000 workers, with the participation rate at 62.2%, the lowest since November 2022. The number of discouraged workers decreased by 212,000 in July to 425,000, largely offsetting an increase in the prior month. Discouraged workers are those who believed that no jobs were available for them. Those employed part time for economic reasons, at 4.7 million, changed little in July. These are people who wanted full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.
The Guardian
02-05-2025
- Business
- The Guardian
US jobs market better than expected even as hiring slowed in April
Hiring in the US slowed in April, according to official figures, with the workforce adding 177,000 jobs as Donald Trump's aggressive trade strategy clouded the economic outlook. As the White House pressed ahead with sweeping tariffs on overseas imports, claiming this would revitalize the US economy, employers across the country continued to add jobs at a steady pace. The April reading is down from the revised 185,000 jobs reported for March – and above the 133,000 expected by economists. the unemployment rate was unchanged at 4.2%. It comes days after official growth data revealed that US gross domestic product shrank by 0.3% in the first quarter – an abrupt reversal from 2.4% growth in the preceding quarter, and the first drop in GDP in three years – fueling fears of a recession. While Trump sought to blame Joe Biden for the stunning slowdown in growth, economists said it was largely driven by an unprecedented surge in imports, as consumers and companies braced for the US president to impose his controversial wave of tariffs. Dean Baker, co-director of the Centre for Economic and Policy Research, predicted the healthcare sector would lead the continued source of job gains, while construction and manufacturing was expected to see a modest decline. 'The economy and the labor market do not turn on a dime, and these forces will persist, at least for a while,' Baker wrote ahead of Friday's release. 'However, there are all sorts of clearly visible headwinds in various economic indicators.' These include fears of the impact of tariffs on the US economy, and how sweeping cuts to the federal workforce will impact the job market. According to the ADP National Employment report, 62,000 jobs in the private sector were added in April, the lowest level since July 2024.
