July’s job report saw a gain of 528,000 nonfarm jobs, according to the U.S. Bureau of Labor Statistics’ monthly employment report. Employment gains happened in leisure and hospitality, professional and business services, and healthcare. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.
July’s unemployment rate was 3.6% down slightly from 3.6% in June. The civilian labor force participation rate is at 62.1%, little changed from 62.2% in June.
The report found that average hourly earnings for employees on private, nonfarm payrolls was $32.27. Over the past 12 months, average hourly earnings have increased by 5.2%.