Report | United States Employment Update - August 2015
July represented another month of strong, albeit somewhat more moderate, employment growth, with the labor market adding 215,000 net new jobs. More evenly distributed than in earlier in the recovery, professional and business services (PBS), education and health and retail trade comprised only slightly more than half of monthly gains, while sectors that had been more positive, such as durable goods, flatlined or even contracted. With the labor force participation rate flat at a record low of 62.6 percent and growth not enough to offset natural volatility, unemployment remained steady at 5.3 percent. Both the official rate and total unemployment have fallen by 90 basis points over the past year, with the latter now resting at 10.4 percent. Continued monthly additions of more than 200,000 new jobs will likely push the Federal Reserve to act on its impending interest rate hike, as will other macroeconomic indicators that have been trending upward of late.
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