Which industries hired the most workers in July?
Huntington Private Bank chief economist Olu Omodunbi says the jobs report shows a slowing in the labor market on 'The Claman Countdown.'
Job growth sputtered in July as many industries like manufacturing, retail and trade pulled back on hiring.
Employers added 114,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, missingthe 175,000 gain forecast by LSEG economists. The unemployment rate, meanwhile, inched higher to 4.3%, the highest level since October 2021.
«Yellow flags had started to pop up in the labor market data over the past few months, but now the flags are turning red,» said Nick Bunker, economic resaerch director for North America at Indeed Hiring Lab. «The rise in the unemployment rate cannot be ignored as job gains have weakened and become less common.»
The health care sector accounted for the biggest payroll gains in July, adding 55,000 jobs. Employment continued to trend upward in home health care services (21,600), hospitals (19,500) and nursing and residential care facilities (9,200).
THE JULY JOBS REPORT JUST TRIGGERED A RELIABLE RECESSION INDICATOR
There were also modest gains within the construction sector last month, with payrolls growing by 25,000. The bulk of those jobs took place within specialty trade contractors (18,700).
Hiring in the leisure and hospitality sector was the third-biggest contributor to the headline job gain last month. The industry onboarded 23,000 employees in July. Nearly all the gains – about 19,500 – took place at bars and restaurants. Hotels hired more than 6,000 workers in July.
However, hiring beyond those sectors was lackluster,
US JOB GROWTH SLOWS TO 114K IN JULY WHILE UNEMPLOYMENT UNEXPECTEDLY JUMPS
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