Looking for a job or trying to keep one, can feel uncertain these days. In this section, we break down what’s really happening in the job market: who’s hiring, who’s getting laid off, how much people are getting paid, and which careers are growing fast. We also look at how work is changing, with more people working from home or picking up freelance gigs. Whether you’re job hunting, switching careers, or just trying to understand what’s going on, this is your go-to place for updates on the world of work. (This updates at the start of each month)
Employment and Unemployment
The unemployment rate has increased to 4.2% in July from 4.1% in June
Wage Growth
Average hourly earnings rose by 0.3%(12 cents) to $36.44, which made July the third month in a row with an above average wage growth. Average hourly earnings were also up 3.9% compared to 3.8% from June. It is quite likely that for some Americans, this pay increase beat inflation, but for most, wage growth isnt enough to keep up with the increasing prices.
Job Openings
Job Creation
Only 73,000 jobs were added in July in the US, about 30,000 less jobs than the expected 100-110,000 jobs. Additionally, about 258,000 jobs were erased from the May and June figures of job creation after revision, putting May down by 125,000 to just 19,000 and June was put down by 133,000 to a measly total of 14,000. Healthcare alone added 55,000 jobs this month, showing that overall job growth hasn’t been great. However, if you are the average worker, one good thing coming out of this jobs report is that layoffs are at an all time low.
Market Memo 