July 2019 Economic Report

Zac Reinke

August 8, 2019

The July 2019 Economic Report below was created just for you, employers. It is fueled by information from the U.S. Bureau of Labor and Statistics, U.S. Census Bureau, and Yahoo Finance. At the end of the report, check out this month’s hiring tip!

Hiring tip: Employers, be aware that your team members are possibly receiving calls from recruiters, possibly while on the clock. The other day in our building, a woman came out of a nearby office, phone to her ear, and inched her way down the hall. As she rounded the corner and lowered her voice, she was clearly explaining to a recruiter her work experience and qualifications. What measures are you taking to hang onto your best talent? Read this to learn what other managers are doing to keep their top workers happy and loyal.

If you’re unable to view the July 2019 Economic Report, here’s a quick summary:

• The unemployment rate remained at 3.7 percent in July, and the number of unemployed persons was much the same at 6.1 million.
• Total nonfarm payroll employment went up by 164,000 in July, in line with average employment growth in the first 6 months of the year.
• Professional and technical services added 31,000 jobs with 11,000 of them in computer systems design and similar services.
• Health care added 30,000 jobs with 29,000 of them in ambulatory health care services.
• Social Assistance added 20,000 jobs. This industry has seen an increase of 143,000 jobs over the year.
• Manufacturing added 16,000 jobs. In 2018, job gains in this industry averaged 22,000 per month.
• Financial activities added 18,000 jobs with 11,000 of them in insurance carriers and similar activities.
• Mining and logging lost 5,000 jobs.
• In July, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to $27.98, on the heels of an 8-cent gain in June.
• U.S. job openings dropped to a rate of 4.6% in July, from 4.7% in June.
• Dow Jones rose by 0.2% during the month of July.
• Housing starts declined by 0.9%.
• Consumer price index increased by 0.1%.
• Retail inventories increased by 0.4%.
• Manufacturing hours worked per week decreased by 0.7% from 40.7 to 40.4 hours.
• Manufacturing new orders increased by 0.5%.