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Economy Overview

United States

Report | United States Employment Update - August 2013

Summary

​July posted another month of stable, albeit slowing, employment growth, adding 162,000 jobs. This brings the year-to-date total to 1.2 million jobs, a 19.8 percent increase compared to this time last year, while unemployment dropped 20 basis points to a recovery low of 7.4 percent. The office-using industries displayed more balanced growth; of the 60,000 new jobs added, only 36,000 were in professional and business services. In a month with slowdowns in hiring in all but two subsectors, retail trade dominated monthly employment growth (+46,800 jobs). Similarly, leisure and hospitality and education and health remained strong, although financial activities saw some of its best performance of late with 15,000 new jobs. While July marked a decrease in monthly growth across the board, 2013 remains a much more stable year for growth than 2012 and this trend is expected to continue into the coming quarters.

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