Nonfarm Payroll Growth Posts 11-Month High. Unemployment Rate down to 5.4%

Source: Bureau of Labor Statistics

Non-farm payrolls recorded the biggest growth in nearly a year in July, driven mainly by gains in leisure and hospitality segments.

• Total nonfarm payroll employment climbed by 943,000. This is the highest since the 2 million in August 2020.
• The unemployment rate eased by 0.5 percentage points to 5.4%, while unemployed individuals fell by 782,000 to 8.7 million. Both remain above pre-pandemic levels.
• There were 2.9 million permanent job losers and 1.2 million on temporary layoff.
• The labor force participation rate was nearly unchanged at 61.7%, with the employment-participation ratio up 0.4 points to 58.4%.
• Some 5.2 million individuals said they were unable to work because of the pandemic.
• Part-time employees for economic reasons stood at 4.5 million, while 6.5 million were not part of the labor force but wanted a job.
• Of the employed individuals, 13.2% worked remotely due to the pandemic, down from 14.4% the previous month.