RECOVERY CONTINUES: Employment Up 1.8 Million, Unemployment Falls To 10.2%


On Friday, the U.S. Bureau of Labor Statistics (BLS) reported that the economy took another step toward recovery, as the total nonfarm payroll employment rose by 1.8 million in July and the unemployment rate fell to 10.2 percent.

“In July, notable job gains occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care,” the Labor Department reported.

Employment in leisure and hospitality increased by 592,000; government employment rose by 301,000; retail trade added 258,000 jobs; professional and business services increased by 170,000; other services industry added 149,000 jobs, and health care added 126,000 jobs. Manufacturing employment increased by 26,000; employment in transportation and warehousing rose by 38,000

The unemployment numbers dropped for many groups: the unemployment rates declined in July for adult men (9.4%), adult women (10.5%), teenagers (19.3%), Whites (9.2%), Asians (12.0%), and Hispanics (12.9%).

Another piece of good news: the number of unemployed persons who were on temporary layoff decreased by 1.3 million in July to 9.2 million, roughly half of what it was in April. – READ MORE

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