According to the Bureau of Labor Statistics, nonfarm payrolls increased by 528,000, and the unemployment rate reached 3.5% in July 2022. There was also an increase in salaries, which went up by 0.5% for the month, and 5.2% from a year ago.
The number of jobs in leisure and hospitality advanced the most, with 96,000 jobs added. However, it was still below its pre-pandemic 2020 level by 7.1%.
On the other hand, employment in professional and business services was higher than its February 2020 levels by 986,000. In July alone, it expanded by 89,000 job positions.
More precisely, employment expanded in a variety of areas:
- architectural and engineering services (13,000 added jobs)
- management of companies and enterprises (13,000 added jobs)
- management and technical consulting services (12,000 added jobs)
- scientific research and development services (10,000 added jobs)
A similar upgoing trend could be seen in other sectors, such as:
- Employment in health care (+70,000 added jobs)
- Employment in government (+57,000)
- Employment in construction (+32,000)
- Manufacturing employment (+30,000)
- Employment in retail (+22,000)
- Transportation and warehousing (+21,000)
- Information employment (+13,000)
- Employment in financial activities (+13,000)
- Employment in mining (+7,000)
That said, the situation remained more or less unchanged throughout the month when it comes to employment in wholesale trade.
Regarding private nonfarm payrolls, the average hourly wage went up by 0.5%, or 15 cents, reaching $32.27, while the average hourly compensation of private-sector production grew by 0.4%, or 11 cents, reaching $27.57.