July 2024___________________________________
Labor line has job news and commentary with a one stop short cut for America’s job markets and job related data including the latest data from the Bureau of Labor Statistics.
This month's job and employment summary data are below. This month's inflation data is below.
The Establishment Job Report and Establishment Job Details for data released July 5, 2024. American Job Market The Chronicle
Current Job and Employment Data
Jobs
Total Non-Farm Establishment Jobs up 206,000 to 158,638,000
Total Private Jobs up
136,000 to 135,274,000
Total Government Employment up 70,000 to 23,364,000 Note
Civilian Non-Institutional Population up 190,000 to 268,438,000
Civilian Labor Force up
277,000 to 168,009,000
Employed up 116,000
to 161,199,000
Employed Men up
632,000 to 85,514,000
Employed Women
down 517,000 to 75,684,000
Unemployed up
192,000 to 6,811,000
Not in the Labor Force down 87,000 to 100,429,000
Unemployment Rate
went up .1% to 4.1% or 6,811/168,009
Labor Force Participation Rate went up .1% to 62.6%, or 168,009/268,438
Prices and inflation measured by the Consumer Price Index (CPI) for all Urban Consumers was up by a monthly average of 8.0 percent for 2022.
The CPI June report for the 12 months ending with May shows the
CPI for All Items was up 3.3%
CPI for Food and Beverages was up 2.1%
CPI for Housing was up 4.6%
CPI for Apparel was up .8%
CPI for Transportation including gasoline was up 2.9%
CPI for Medical Care was up 3.0%
CPI for Recreation was up 1.3%
CPI for Education was up 2.7%
CPI for Communication was down .9%
This Month’s Establishment Jobs Press Report
The seasonally adjusted total of establishment employment was up 206 thousand for June. The increase was 117 thousand more jobs in the private service sector combined with a(an) 19 thousand increase in jobs from goods production. The total of 136 thousand jobs gained in the private sector combined with a(n) increase of 70 thousand government service jobs accounts for the total increase.
Goods production had a net increase of 19 thousand jobs, but natural resources had no new jobs and manufacturing employment was down 8 thousand jobs. Construction jobs made up the difference with 27 thousand jobs where all construction sub sectors had more jobs. Specialty trade contractors added 11.6 thousand of the jobs and construction to buildings added another 8.8 thousand. Durable goods manufacturing jobs were down 10 thousand with fabricated metal products and machinery each down 6.5 thousand jobs offset with some other small job gains durable goods. Non-durable goods jobs were up 2 thousand with food processing adding 3.1 thousand jobs offset with other small losses.
Government service employment increased 70 thousand jobs, another large gain in government jobs. The federal government added 5 thousand jobs; state government added 26 thousand jobs while local government jobs added 39 thousand jobs. Government jobs excluding education had 47.1 thousand of the new jobs. State education jobs were up 12.6 thousand while local public education was up only 4.6 seasonally adjusted jobs. Private sector education was down 700 jobs, which leaves the total to a modest gain in education of 16.5 thousand jobs.
Health care took first place for private service sector job gains again this month with 82 thousand new jobs, a little less than last month. All four of the health care subsectors had more jobs as has been true in recent months. Ambulatory care added 22.0 thousand jobs; hospitals added 21.7 thousand jobs; nursing and residential care added 4.9 thousand new jobs. Social assistance services had 33.8 thousand new jobs with the individual and family services sub sector adding 26.4 thousand jobs. The growth rate for health care this month, down slightly from last month, came to 4.41 percent, well above the average of 2.08 percent per month of the last 15 years. Health care has a steadily rising percentage of United States jobs.
Trade, transportation and utilities had a net increase of 14 thousand jobs. Wholesale trade added 14.2 thousand new jobs, while retail trade was off 8.5 thousand jobs. Among retail trade, warehouse clubs and supercenters had 5.3 thousand more jobs in a month with a general retail job decline. Transportation jobs had a net of 7.3 thousand new jobs, with transit and ground transportation adding 2.6 thousand jobs and air transportation added 2.2 thousand jobs. Other jobs in modal transportation were down. Utility employment was up 900 jobs.
Professional and business services lost 17 thousand jobs. The professional and technical services subsector added 24.2 thousand more jobs; management of companies added 1.9 thousand jobs. It was the administrative and support services including waste management subsector that accounted for the net job losses, down 43 thousand in a month with temporary help services were off by 48.9 thousand jobs. Services to buildings added 6 thousand jobs with small job losses in other administrative support sub sectors. Among professional and technical services, computer systems design had 7.4 thousand new jobs; architecture, engineering and related services added 4.9 thousand; accounting, tax preparation, book keeping and payroll services added another 4.6 thousand jobs. All professional and technical sub sectors had some job gains, although usually small.
Leisure and hospitality had a net job gain of only 7 thousand jobs. Arts, entertainment and recreation added 8.5 thousand jobs with 5.1 thousand jobs added to amusements, gambling and recreation. Accommodations added 700 jobs while restaurants had a rare job decline of 3.1 thousand jobs.
Information services picked up 6 thousand jobs after recent job losses. Motion picture production and computing and Web services added 5.9 thousand jobs offset by job losses mostly in telecommunications. Financial Activities had a net gain of 9 thousand jobs with 7.8 thousand new jobs in finance and insurance; the insurance sub sector added 8.6 thousand jobs offset with job losses in banking and credit sub sectors. Jobs in real estate and rental and leasing services added 1.1 thousand jobs which was a combination of small job gains in both sub sectors.
The economy added 206 thousand jobs for June, continuing monthly increases with a slightly lower increase than last month. Establishment employment in June 2024 was 158.638 million with an annual growth rate of 1.56 percent; job growth continues above population growth. The health care sector continues to be the major contributor to job growth. The health carĂ© increase combined with the increase in government employment accounts for almost 74 percent of job growth. This month’s job total is 2.611 million above June a year ago and 6.226 million jobs above June two years ago.
June Details
Non Farm Total +206
The Bureau of Labor Statistics (BLS) reported Non-Farm employment for establishments increased from May by 206 thousand jobs for a(n) June total of 158.638 million. (Note 1 below) An increase of 206 thousand each month for the next 12 months represents an annual growth rate of +1.56% The annual growth rate from a year ago beginning June 2023 was +1.67%; the average annual growth rate from 5 years ago beginning June 2019 was +1.02%; from 15 years ago beginning June 2009 it was +1.28%. America needs growth around 1.5 percent a year to keep itself employed.
Sector breakdown for 12 Sectors in 000’s of jobs
1. Natural Resources +0
Natural Resources jobs including logging and mining were stayed the same from May with 633 thousand jobs in June. No change in jobs each month for the next 12 months would be an annual growth rate of +0.0 percent. Natural resource jobs are down 8 thousand for the 12 months just ended. Jobs in 2000 averaged around 600 thousand with little prospect for growth. This is the smallest of 12 major sectors of the economy with .4 percent of establishment jobs.
2. Construction +27
Construction jobs were up 27 thousand from May with 8.245 million jobs in June. An increase of 27 thousand jobs each month for the next 12 months would be an annual growth rate of +3.94 percent. Construction jobs are up 235 thousand for the 12 months just ended. The growth rate for the last 5 years is 1.94%. Construction jobs rank 9th among the 12 sectors with 5.2 percent of non-farm employment.
3. Manufacturing -8
Manufacturing jobs were down 8 thousand from May with 12.950 million jobs in June. A decrease of 8 thousand jobs each month for the next 12 months would be an annual growth rate of -.74 percent. Manufacturing jobs were up for the last 12 months by 5 thousand. The growth rate for the last 5 years is +.17%; for the last 15 years by +.66%. Manufacturing ranks 6th among 12 major sectors in the economy with 8.2 percent of establishment jobs.
4. Trade, Transportation & Utility +14
Trade, both wholesale and retail, transportation and utility employment were up 14 thousand jobs from May with 29.039 million jobs in June. An increase of 14 thousand jobs each month for the next 12 months would be an annual growth rate of +.58 percent. Jobs are up by 179 thousand for last 12 months. Growth rates for the last 5 years are +.96 percent. Jobs in these sectors rank first as the biggest sectors with combined employment of 18.3 percent of total establishment employment.
5. Information Services +6
Information Services jobs increase by 6 thousand from May with 3.027 million jobs in June. An increase of 6 thousand jobs each month for the next 12 months would be an annual growth rate of +2.36 percent. (Note 2 below) Jobs are down by 16 thousand for the last 12 months. Information jobs reached 3.7 million at the end of 2000, but started dropping, reaching 3 million by 2004 and has slowly come back to 3.0 million in the last decade. Information Services is a small sector ranking 11th of 12 with 1.9 percent of establishment jobs.
6. Financial Activities +9
Financial Activities jobs were up 9 thousand from May at 9.244 million in June. An increase of 9 thousand each month for the next 12 months would be an annual growth rate of +1.17 percent. Jobs are up 43 thousand for the last 12 months. (Note 3 below) This sector also includes real estate as well as real estate lending. The long term growth rates are now at a 5 year growth rate of +1.15 percent, and a 15 year growth rate of +1.12 percent. Financial activities rank 8th of 12 with 5.8 percent of establishment jobs.
7. Business and Professional Services -17
Business and Professional Service jobs went down 17 thousand from May to 22.950 million in June. A decrease of 17 thousand each month for the next 12 months would be an annual growth rate of -.89 percent. Jobs are up 67 thousand for the last 12 months. Note 4 The annual growth rate for the last 5 years was +1.51 percent. It ranks as 2nd among the 12 sectors now. It was 2nd in 1993, when manufacturing was bigger and second rank now with 14.5 percent of establishment employment.
8. Education including public and private +17
Education jobs were up 17 thousand jobs from May at 14.594 million in June. An increase of 17 thousand jobs each month for the next 12 months would be an annual growth rate of +1.36 percent. These include public and private education. Jobs are up 237 thousand for the last 12 months. (note 5) The 15 year growth rate equals +.49 percent. Education ranks 5th among 12 sectors with 9.2 percent of establishment jobs
9. Health Care +82
Health care jobs were up 82 thousand from May to 22.494 million in June. An increase of 82 thousand each month for the next 12 months would be an annual growth rate of +4.41 percent. Jobs are up 1.040 million for the last 12 months. (note 6) The health care long term 15 year growth rate has been +2.08 percent lately compared to +4.41 percent for this month’s jobs. Health care ranks 3rd of 12 with 14.1 percent of establishment jobs.
10. Leisure and hospitality +7
Leisure and hospitality jobs were up 7 thousand from May to 16.913 million in June. (note 7) An increase of 7 thousand each month for the next 12 months would be an annual growth rate of +.50 percent. Jobs are up 325 thousand for the last 12 months. More than 80 percent of leisure and hospitality are accommodations and restaurants assuring that most of the new jobs are in restaurants. Leisure and hospitality ranks 4th of 12 with 10.7 percent of establishment jobs. It moved up to 7th from 4th in the pandemic decline.
11. Other +16
Other Service jobs, which include repair, maintenance, personal services and non-profit organizations went up 16 thousand from May to 5.924 million in June. An increase of 16 thousand each month for the next 12 months would be an annual growth rate of 3.25 percent. Jobs are up 103 thousand for the last 12 months. (note 8) Other services had +.65 percent growth for the last 15 years. These sectors rank 10th of 12 with 3.7 percent of total non-farm establishment jobs.
12. Government, excluding education +52
Government service employment went up 52 thousand from May at 12.623 million jobs in June. An increase of 52 thousand each month for the next 12 months would be an annual growth rate of +4.97 percent. Jobs are up 401 thousand for the last 12 months. (note 9) Government jobs excluding education tend to increase slowly with a 15 year growth rate of +.28 percent. Government, excluding education, ranks 7th of 12 with 7.9 percent of total non-farm establishment jobs.
(1) The total cited above is non-farm establishment employment that counts jobs and not people. If one person has two jobs then two jobs are counted. It excludes agricultural employment and the self employed. Out of a total of people employed agricultural employment typically has about 1.5 percent, the self employed about 6.8 percent, the rest make up wage and salary employment. Jobs and people employed are close to the same, but not identical numbers because jobs are not the same as people employed: some hold two jobs. Remember all these totals are jobs. back
(2) Information Services is part of the new North American Industry Classification System(NAICS). It includes firms or establishments in publishing, motion picture & sound recording, broadcasting, Internet publishing and broadcasting, telecommunications, ISPs, web search portals, data processing, libraries, archives and a few others.back
(3) Financial Activities includes deposit and non-deposit credit firms, most of which are still known as banks, savings and loan and credit unions, but also real estate firms and general and commercial rental and leasing.back
(4) Business and Professional services includes the professional areas such as legal services, architecture, engineering, computing, advertising and supporting services including office services, facilities support, services to buildings, security services, employment agencies and so on.back
(5) Education includes private and public education. Therefore education job totals include public schools and colleges as well as private schools and colleges. back
(6) Health care includes ambulatory care, private hospitals, nursing and residential care, and social services including child care. back
(7) Leisure and hospitality has establishment with arts, entertainment and recreation which has performing arts, spectator sports, gambling, fitness centers and others, which are the leisure part. The hospitality part has accommodations, motels, hotels, RV parks, and full service and fast food restaurants. back
(8) Other is a smorgasbord of repair and maintenance services, especially car repair, personal services and non-profit services of organizations like foundations, social advocacy and civic groups, and business, professional, labor unions, political groups and political parties. back
(9) Government job totals include federal, state, and local government administrative work but without education jobs. back
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Notes
Jobs are not the same as employment because jobs are counted once but one person could have two jobs adding one to employment but two to jobs. Also the employment numbers include agricultural workers, the self employed, unpaid family workers, household workers and those on unpaid leave. Jobs are establishment jobs and non-other. back
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