In July, non-farm payrolls advanced by 163,000, which was up from the revised 64,000 increase observed in June (previously reported: 80,000 jobs). In addition, the figure overshot market expectations, which had anticipated payrolls rising by 100,000. The private sector continued to be entirely responsible for new hiring by adding 172,000 jobs, with professional and business services as well as education and health recording the largest gains. Meanwhile, the public sector maintained the negative trend seen throughout the past year, shedding 9,000 jobs. The monthly figure marks the 22th consecutive month with gains in non-farm payrolls and the U.S. economy has now recovered 4.0 million jobs since February 2010, which marked the trough of the crisis in the labour market. That said, despite the improvement seen in the past two years, the economy still remains 4.8 million jobs below the peak reached in January 2008. Meanwhile, the unemployment rate - which derives from a different survey - inched up from 8.2% in June to 8.3% in July. The figure mainly reflected a decrease in the level of employed workers, which more than offset a smaller drop in the overall labour force
United States Unemployment
Payrolls beat expectations in July
August 3, 2012
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United States Economic News
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