Where are all the jobs? These sectors hired the most (and least) in July
FBN's Edward Lawrence breaks down the July jobs report.
Job growth remained fairly steady over the past month: In July, the U.S. economy added a healthy — if unnoteworthy — 164,000 jobs.
The number, which was right in line with Wall Street’s expectations, revealed the record-long economic expansion is continuing to grow at a fairly steady pace, largely ignoring softening global growth and the threat of the U.S.-China trade war.
And while wage growth remained relatively flat — average hourly earnings rose by 8 cents to $27.98, while earnings only increased 3.2 percent from the year-ago period — the fact remains that hiring is on the upswing.
“Jobs growth is continuing, but the rate of that change is slowing, which is a concern for the U.S. economy,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Here’s a look at the sectors that saw the most — and least — growth in job creation:
Professional and technical services: This sector added a solid 31,000 jobs in July, bringing the one-year total to 300,000. Employment increased by 11,000 in computer systems design and related services. In total, this industry accounted for about one-third of employment expansion in professional and technical services — both in July, and for the duration of the year.
Health care: Jobs in this industry rose by 30,000 over the past month, reflecting a strong 29,000 gain in ambulatory health care services. Over the year, health care has seen strong job creation, adding 405,000 in total. Ambulatory health care services accounted for about two-thirds of the gain.
Social assistance: In July, social assistance added 20,000 jobs. Over the year, the industry created 143,000 new jobs.
Financial activities: Financial activities employment rose by 18,000 in July, largely taking place in insurance carriers and related activities, which expanded by 11,000.
Mining: This industry saw the number of jobs decline by about 5,000 in July, after showing little change in previous months.