{"id":2318086,"date":"2024-08-02T09:24:01","date_gmt":"2024-08-02T13:24:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economy-added-114000-jobs-in-july-the-key-facts-and-figures-washington-examiner\/"},"modified":"2024-08-02T10:10:25","modified_gmt":"2024-08-02T14:10:25","slug":"economy-added-114000-jobs-in-july-the-key-facts-and-figures-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economy-added-114000-jobs-in-july-the-key-facts-and-figures-washington-examiner\/","title":{"rendered":"Economy added 114,000 jobs in July: The key facts and figures &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomy-added-114000-jobs-in-july-the-key-facts-and-figures-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2318086&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The latest report from the Bureau of Labor Statistics reveals that the \u200dU.S. \u200deconomy added 114,000 jobs \u2062in \u200bJuly, falling short\u200c of investors\u2019\u2064 expectations of around 176,000. Additionally, the unemployment rate \u200dhas risen to 4.3%, \u200ccompared\u200c to a previous steady rate of 4.1%. Robert Frick, a corporate \u200beconomist, characterizes this data as\u2064 alarming, suggesting that the job growth trend may \u200dnot be\u2063 stable.<\/p>\n<p>This unexpected slowdown in\u200c job growth presents challenges for President Joe Biden,\u200d especially \u200bas he faces high disapproval ratings regarding his economic management. \u2062Democrats are under pressure to\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/7-times-the-babylon-bee-reported-history-before-it-happened\/\" title=\"7 Times The Babylon Bee Reported History Before It Happened\">improve public perception<\/a> before the upcoming election.<\/p>\n<p>The\u200b Federal Reserve \u200dis likely to view this job growth deceleration as a sign that its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-chair-no-interest-rate-hikes-until-inflation-spike\/\" title=\"Federal Reserve Chair: No interest rate hikes until inflation spike\">interest rate hikes<\/a> \u2062designed to curb inflation are starting to affect economic momentum. A cooling labor market could prompt quicker interest rate\u200c cuts, with investors anticipating the first cut as soon\u200c as\u2062 September.<\/p>\n<p>While it\u2019s\u2064 crucial not to overinterpret individual job\u2062 reports, the overall trend shows a decline in the three-month moving average for job \u2063gains to 170,000. To maintain current unemployment levels, \u200bthe economy\u200c requires about 110,000 new payroll jobs\u2062 monthly, but varying estimates suggest this figure might be as \u2064high \u2063as 200,000 \u200dwhen accounting \u2063for immigration.<\/p>\n<p>The report has raised \u2063recession concerns, highlighting that an increasing unemployment rate can signal an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-dismisses-recession-concerns-ahead-of-looming-gdp-report\/\" title=\"Biden admin. dismisses recession concerns ahead of looming GDP report\">impending economic downturn<\/a>. This is underscored by \u200bthe \u2063Sahm Rule, \u200cindicating a recession starter based on\u200b the GDP trend.<\/p>\n<p>sectors such as leisure and hospitality show a recovery trend,\u2064 reaching just above pre-pandemic \u2064employment\u2062 levels from February 2020. However, challenges remain in stabilizing job\u200b growth and managing public and investor expectations as the economic landscape evolves.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Economy added 114,000 jobs in July: The key facts and figures<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1714762\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The <a href=\"https:\/\/washingtonexaminer.com\/tag\/economy\/\" target=\"_blank\" rel=\"noreferrer noopener\">economy<\/a> added 114,000 <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/jobs\/\" target=\"_blank\" rel=\"noreferrer noopener\">jobs<\/a>&nbsp;in July, and the&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/unemployment\/\" target=\"_blank\" rel=\"noreferrer noopener\">unemployment<\/a>&nbsp;rate rose to 4.3%, the Bureau of Labor Statistics reported Friday. Investors had expected roughly 176,000 new jobs and for the unemployment rate to hold steady at 4.1%.<\/p>\n<h2 class=\"wp-block-heading\">The interpretation<\/h2>\n<p>&ldquo;It&rsquo;s a scare, I think is the headline,&rdquo; Robert Frick, corporate economist at Navy Federal Credit Union, told the <em>Washington Examiner<\/em>. &ldquo;The job market has been drifting into what we thought would be a nice model of about 150,000, 160,000 jobs a month &hellip; but whether it&rsquo;s an aberration or not, hard to say.&rdquo;<\/p>\n<h2 class=\"wp-block-heading\">What it means &hellip; for Biden<\/h2>\n<p>The report is some unwelcome news for President Joe Biden, who is suffering from<a href=\"https:\/\/www.realclearpolling.com\/polls\/approval\/joe-biden\/economy\" target=\"_blank\" rel=\"noopener\" title> high disapproval ratings<\/a> related to his handling of the economy. Democrats and presumptive presidential nominee Kamala Harris are running low on time to turn around voter perceptions of the party&rsquo;s handling of the economy before the election.<\/p>\n<p>Friday&rsquo;s report shows a slowdown in jobs growth. The last time the unemployment rate was as high as it is now was October 2021.<\/p>\n<h2 class=\"wp-block-heading\">What it means for &hellip; the Fed<\/h2>\n<p>The Federal Reserve is likely to interpret the slower job growth in July as an indication that its efforts to tame inflation via interest rate hikes are beginning to affect the momentum in the economy.<\/p>\n<p>The report does show some cooling in the labor market. If subsequent reports continue to show employment growth slowing, or reversing course, it could accelerate the pace of rate cuts. Investors expect the first rate cut to come in September.&nbsp;<\/p>\n<h2 class=\"wp-block-heading\">The underlying reality<\/h2>\n<p>It is important not to read too much into any one jobs report. The payroll numbers bounce around from month to month and are revised in subsequent reports.<\/p>\n<p>Instead, it is helpful to look at the trend. The three-month moving average of job gains slowed to 170,000.<\/p>\n<p> <iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/26e00ad0-87c2-46fe-a157-c46ac2f1980c?src=embed\" title=\"3m moving average payrolls\" width=\"550\" height=\"715\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"><\/iframe> <\/p>\n<p>Roughly 110,000 new payroll jobs<a href=\"https:\/\/www.atlantafed.org\/chcs\/calculator\" target=\"_blank\" rel=\"noopener\" title> are needed<\/a> each month to keep unemployment from rising, according to the Federal Reserve Bank of Atlanta. Note, though, that a<a href=\"https:\/\/www.hamiltonproject.org\/publication\/paper\/new-immigration-estimates-help-make-sense-of-the-pace-of-employment\/\" target=\"_blank\" rel=\"noopener\" title> separate estimate<\/a> that takes into account the full extent of recent immigration puts the number as high as 200,000.<\/p>\n<p>Prime-age employment, relative to the overall population, is strong by historical standards.<\/p>\n<p> <iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/879a4dc1-0bc6-4cd5-8d7b-b8d40cbd1af4?src=embed\" title=\"Prime EPOP\" width=\"550\" height=\"729\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"><\/iframe> <\/p>\n<h2 class=\"wp-block-heading\">Recession watch<\/h2>\n<p>The unemployment rate, taken from the jobs report&rsquo;s household survey, is still low by historical standards, but it is creeping up.<\/p>\n<p>Recessions entail a rising unemployment rate.<\/p>\n<p>Friday&rsquo;s data suggest that the United States<strong> <\/strong>has triggered one major recession indicator &mdash; when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. This indicator, known as the Sahm Rule, signaled the start of all post-war recessions.<\/p>\n<p> <iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/2c52ef9c-8e58-4b70-8f66-5c5f859ac67f?src=embed\" title=\"Recession indicator\" width=\"800\" height=\"818\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"><\/iframe> <\/p>\n<h2 class=\"wp-block-heading\">Industries to watch<\/h2>\n<p>The leisure and hospitality sector is just above the levels of employment it reached in February 2020, right before restaurants and bars were forced to shut down across the country.<\/p>\n<p> <iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/9cc0bc80-9f0d-4336-87f2-24db021c594f?src=embed\" title=\"Leisure and hospitality jobs\" width=\"550\" height=\"729\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"><\/iframe> <\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Construction employment has remained robust, even as the housing market has taken a massive hit over the past few years as mortgage rates have soared alongside the Fed&rsquo;s rate hikes. That&rsquo;s in part because of a huge backlog of construction of multifamily housing over recent months. Economists will watch closely for any sign of slowing hiring in construction.<\/p>\n<p> <iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/7c1024d9-db3c-44b5-b0bc-47e9d67249e8?src=embed\" title=\"Construction jobs\" width=\"550\" height=\"750\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"><\/iframe> <\/p>\n<h2 class=\"wp-block-heading\">Unemployment rates by race\/ethnicity<\/h2>\n<p>The household survey also includes unemployment rates by race and ethnicity. Rates for all groups neared record lows in the past few years but have drifted up recently.<\/p>\n<p> <iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/3938878d-a94d-41c3-8c0e-9ce3a6e5106f?src=embed\" title=\"Unemployment rate by race\" width=\"550\" height=\"696\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"><\/iframe> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1714762\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1714762\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>**Economy Added 114,000 Jobs in July: Key Facts and Figures**<\/p>\n<p>In July, the economy saw an increase of 114,000 jobs, while the unemployment rate climbed to 4.3%, according to a report from the Bureau of Labor Statistics released on Friday. Analysts had anticipated around 176,000 new jobs and expected the unemployment rate to remain stable at 4.1%. Robert Frick, a corporate economist at Navy Federal Credit Union, commented to the Washington Examiner that this situation is concerning. He noted that while job growth was expected to stabilize around 150,000 to 160,000 monthly additions, it remains uncertain whether this slowdown is a temporary fluctuation.<\/p>\n<p>**Implications for Biden**<\/p>\n<p>This report poses challenges for President Joe Biden as he faces low approval ratings tied to his economic management. With limited time before elections approach, Democrats and likely presidential nominee Kamala Harris are under pressure to improve public perception regarding their economic stewardship. The latest data indicates a deceleration in job growth; notably, the last time unemployment reached this level was in October 2021.<\/p>\n<p>**Impact on the Federal Reserve**<\/p>\n<p>The Federal Reserve may view July&#8217;s slower job growth as evidence that its interest rate hikes aimed at controlling inflation are starting to impact economic activity. The report suggests some cooling within the labor market; if future reports continue showing reduced or negative employment growth trends, it could prompt quicker interest rate cuts\u2014investors anticipate these cuts may begin as early as September.<\/p>\n<p>**Understanding Trends**<\/p>\n<p>It&#8217;s crucial not to overanalyze any single jobs report since payroll figures can fluctuate monthly and are often revised later on. Observing broader trends is more informative; currently, the three-month moving average for job gains has decreased to about 170,000 per month. To maintain stable unemployment levels without increases requires approximately 110,000 new jobs each month according to estimates from the Federal Reserve Bank of Atlanta\u2014though another estimate factoring recent immigration suggests this number could be closer to 200,000.<\/p>\n<p>**Recession Indicators**<\/p>\n<p>While current unemployment rates remain historically low overall despite an upward trend recently\u2014a common characteristic during recessions\u2014the latest data indicates that one significant recession signal has been triggered: when the three-month moving average of unemployment rises by half a percentage point from its lowest point over the past year (known as Sahm Rule), which has historically marked all post-war recessions.<\/p>\n<p>**Industries Under Observation**<\/p>\n<p>The leisure and hospitality sector has just surpassed employment levels seen before widespread restaurant closures in February 2020 due to pandemic restrictions. Meanwhile, construction employment remains strong despite challenges faced by housing markets amid rising mortgage rates linked with Fed policies; much of this resilience stems from ongoing multifamily housing projects built up over recent months\u2014economists will closely monitor any signs of hiring slowdowns in construction sectors.<\/p>\n<p>**Unemployment Rates by Race\/Ethnicity**<\/p>\n<p>The household survey also provides insights into unemployment rates across different racial and ethnic groups which have approached record lows recently but have begun trending upwards again<\/p>\n","protected":false},"author":2683,"featured_media":2318087,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/july-jobs-report.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[9168,36996,36995],"class_list":["post-2318086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-economy","tag-employment-growth","tag-jobs-report"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/july-jobs-report.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2318086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2318086"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2318086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2318087"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2318086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2318086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2318086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}