July labor report: the market is cooling
The U.S. economy added 114,000 new jobs in July, according to the Bureau of Labor Statistics. The report indicates a mixed performance in the labor market. Unemployment increased to 4.3% compared to 4.1% in June, reaching the highest level since October 2021.
One of the industries that saw the largest job gains in July was healthcare.
Healthcare added 55,000 roles in July, holding near the average monthly gain of 63,000 jobs over the last 12 months.
Government saw 17,000 new jobs added in July. Employment growth in government has slowed from the large job gains seen in 2023 and the beginning of 2024.
Professional and business services saw a decline of 1,000 roles, while leisure and hospitality added 23,000 new roles in July.
Although the job market cooled in July, the weaker numbers strengthen expectations that the Fed should cut interest rates at their next meeting in September.
Despite the weaker than expected job market last month, companies are still competing for top talent. Whether you’re hiring or looking for a new job, Addison Group can help. For more than 20 years, we’ve focused on quality over quotas and standards over the status quo. Let’s work together to find the right talent fit for your organization’s needs.
Download the July labor report
Source: July 2024 Monthly Jobs Report, Bureau of Labor Statistics
