WASHINGTON — The July employment report was good rather than stellar, with payrolls up 209,000, and the June-May revision at plus-15,000. However, the civilian unemployment rate retraced 0.1 point to 6.2%.
The labor force and participation were higher, suggesting the pause in the unemployment rate was "real".
Hours and earnings advanced, suggesting incomes and production are rising. Production average hourly earnings stand at a 2.3% gain over the year, though the advance for the total AHE number is a lesser 2.0% increase.
The one-month jobs diffusion index 61.9%, showing broad gains. Payrolls included manufacturing at a 28,000 rise, construction at a 22,000 gain, retail rose 26,700, temporary help increased 8,500, healthcare/social grew 25,400, finance added 7,000, and government rose 11,000 (mainly local ex-education).
Overall unadjusted jobs fell 1.11 million in July, largely a result of a 1.2 million reduction in local education jobs. Seasonal adjustment seemed to adequately compensate.
Part-time workers as a percentage of the total in the household survey came in at 19.2% after adjustment, at the high end of recent numbers. But overall this appears in the normal range and the data suggest a growing economy.
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