Total nonfarm payroll employment increased by 215,000 jobs in July, with gains occurring in retail trade, healthcare, professional and technical services, and financial activities.
- Retail trade increased by 36,000 jobs in July and has risen by 322,000 jobs over the year. Motor vehicle and parts dealers added 13,000 jobs in the month and general merchandise stores added 6,000 jobs.
- Healthcare added 28,000 jobs in July and has added 436,000 jobs over the year.
- Professional and technical services added 27,000 jobs in July. Within the category, computer systems design and related services added 9,000 jobs, architectural and engineering services added 6,000 jobs.
- Financial activities rose by 17,000 jobs in July. Over the past 12 month, 156,000 jobs were added in total. Insurance carriers and related activities accounted for more than half of the July gain.
- Manufacturing employment increased by 15,000 jobs in July. Nondurable goods rose by 23,000 jobs over the month, including gains in food manufacturing of 9,000 jobs, and in plastics and rubber products at 6,000 additional jobs.
- Employment in food services and drinking places trended up in July by 29,000 jobs and has increased by 376,000 jobs over the year.
- Transportation and warehousing employment increased in July—by 14,000 jobs. Over the entire year, it has risen by 146,000 jobs. Employment in couriers and messengers rose by 3,000 over the month.
Remaining at the same level or trending down in the month were:
- Construction, wholesale trade, information, and government, which showed little change.
- Mining employment, which decreased in July by 5,000 jobs.
The average workweek for employees was 34.6 hours in July. In manufacturing, the workweek was higher at 40.7 hours. Factory overtime was 3.4 hours.
In July, average hourly earnings for all employees rose by 5 cents to $24.99. Over the year, average hourly earnings have risen by 2.1%.
Bloomberg recently reported on companies’ plans to increase wages, saying, “America’s labor market may be inching closer to a tipping point.” The Duke University and CFO Global Business report shows that U.S. employers plan to boost wages 3.3% in the coming year and almost half of the firms surveyed are struggling to fill job openings. Attracting and retaining qualified personnel is one of the top concerns of CFOs.