Job Market Update: July 2017

What's the latest with the unemployment rate? We've got the details and the takeaways.

Articles

Jobs Added

209,000

  • Construction

    6,000

  • Manufacturing

    16,000

  • Mining

    1,000

  • Professional & Business Services

    49,000

  • Education & Health Services

    54,000

  • Transportation & Warehousing

    900

  • Finance

    6,000

  • Leisure and Hospitality

    62,000

5 Things to know about July’s job report

In July, the US job economy continued to show its health with 209,000 jobs added to the economy.

Here are 5 things you need to know about the latest job report:

  1. The 3 industries responsible for the most job growth in July were Leisure & Hospitality (62,000 jobs), Education & Health Services (54,000), and Professional and Business Services (49,000). If you’re looking for work, you should consider searching in one of these industries. 
  2. Food services and drinking places in particular account for 53,000 of the jobs within the Leisure & Hospitality industry – or 85%. Restaurants alone have added over 300,000 jobs to the industry since January.
  3. Retail jobs, which have faced tough department-store closings and layoffs due to the rise of eCommerce and warehouse jobs, saw its first increase since January – with 900 jobs added – likely due to companies preparing for the holiday season. If you’re currently looking for work, you should also consider seasonal jobs, of which many offer temp to perm opportunities.
  4. Wage increases, however, seem to remain below what they should be for where our economic health currently stands. Though the average hourly pay has risen by 2.5% from this time last year, companies need to start thinking about increasing their offerings in order to attract talent that is becoming harder and harder to find. Like we said above, the holidays are just around the corner – and consumer demand is expected to be high.
  5. An estimated 7 million people were still without jobs in July. Nearly 26% of them were long-term unemployed (jobless for 27 weeks or more), and over 500,000 were discouraged workers, (believe no jobs are available for them).

Job Growth by Industry

July 2017

Unemployment Rate

  • Unemployment Rate

    4.3%

  • Change from Last Month

    -0.1%

In Your Region

June 2017

So what’s going on specifically in your region of the country? We broke it down for you (a reminder that the state unemployment report released by the Bureau of Labor Statistics is released 1 month after the national unemployment report – so for this section, we’re talking about the month of June).

The Midwest had the lowest unemployment rate at 3.7%, while the South had the highest at 4.9%.

West

West

  • Unemployment Rate

    4.1%

  • Change from Last Month

    -.2%

Lowest and highest unemployment rates

Idaho (2.2%) / Alaska (7.0%)

Midwest

Midwest

  • Unemployment Rate

    3.7%

  • Change from Last Month

    +0.1%

Lowest and highest unemployment rates

North Dakota (2.5%) / Ohio (5.4%)

Northeast

Northeast

  • Unemployment Rate

    4.2%

  • Change from Last Month

    +0.1%

Lowest and highest unemployment rates

New Hampshire (2.7%) / Pennsylvania and Connecticut (5.1%)

West

South

  • Unemployment Rate

    4.9%

  • Change from Last Month

    +0.3%

Lowest and highest unemployment rates

Arkansas (3.7%) / District of Columbia (6.4%)

Why This is So Important

If you’re looking for work, now is the perfect time to explore your options. Because unemployment is low – and so many other people currently have jobs – you may see companies offering added benefits in order to attract job seekers, with things like wage increases or paid time off. Like we said above, places like restaurants and health care services are a good place to start.

You should also consider seasonal jobs– many of which end up offering permanent positions following the holidays. During an interview, make sure to bring up the possibility of turning a seasonal job into a permanent one.

If you’re a company worried about the impact the low unemployment rate may have on your ability to find the talent you need – especially as we head into the holiday season – we’ve got the network of people you’re looking for. Contact us today to learn how we can help.