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Economy Review

United States

Report | U.S. Employment Update - July 2013


June posted another month of stable employment growth, with a one-month net change of 195,000 jobs. This brings the year-to-date total to 1.2 million jobs, a 19.8 percent increase compared to this time last year. At the same time, unemployment remains stubbornly high at 7.6 percent. Office-using industries added 65,000 jobs and year-on-year growth of 2.7 percent, 10 basis points up from May, led by professional and business services and a significant boost in financial services. However, leisure and hospitality overtook PBS as the subsector with the largest monthly growth, while other industries including construction and retail trade continue to see improved performance. We expect that the national economy will build on June’s growth as well as upward revisions seen throughout early 2013 as the coming months outperform an anemic 2012 and an inconsistent 2010 and 2011.

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