American Economy Shed 23,000 Jobs in July
The American Conservative · R · trust 63/100
Loading the Elevenlabs Text to Speech AudioNative Player... The U.S. economy shed 23,000 jobs in July, according to data released by the Bureau of Labor Statistics (BLS) on Friday.
Economists surveyed by Bloomberg had projected 80,000 job gains in July. The BLS reported that employment “declined in local government, education, and retail trade” but “continued to trend up in health care.”
Hiring numbers for the months of May and June, meanwhile, were revised downward by a combined 103,000 jobs — to 63,000 and 20,000 jobs added, respectively.
The unemployment rate, currently at 4.1 percent, changed little in July, while labor force participation is down 0.7 since January, to 61.4 percent.
About 264,000 people left the labor force in July, and people who are no longer in the workforce are not categorized as “unemployed” under BLS methodology. A further 5.9 million Americans want a job, according to BLS, including 1.8 million who had searched within the past year but not in the four weeks the survey requires.
Harrison Berger is a correspondent at The American Conservative . He has contributed to Drop Site News, The Nation , and Responsible Statecraft. Previously, he was a researcher and producer for System Update with Glenn Greenwald. His work focuses on civil liberties and U.S. foreign policy. He studied Political Science and Russian Studies at Union College (NY).
Your support helps us continue our mission of providing thoughtful, independent journalism. With your contribution, we can maintain our commitment to principled reporting on the issues that matter most.
Read the original at The American Conservative →
Open in TruthVane →