Could this be a sign the economy is beginning to improve?
This morning, the Bureau of Labor Statistics announced that during July, the nation’s unemployment rate came in at 9.4 percent, a decrease from the June rate of 9.5 percent. Overall, there were 14.5 million unemployed people during July.
However, non-farm payroll employment continued to decline, as the country lost 247,0000 jobs. But the 331,000 average monthly jobs lost from May through July was only half the 645,000 average decline from November through April. Payroll employment has declined by 6.7 million since December 2007.
The construction industry continued to suffer during July, losing 76,000 jobs, which is about even with the average 73,000 jobs lost during the last three months. Employment in that industry declined by an average 117,000 per month from November through April.
The manufacturing industry lost 52,000 jobs during July and has seen employment decline by 2 million since the beginning of the recession. Retail trade also declined, losing 44,000 jobs during July and an average 27,000 jobs per month during the last three months.
The professional and business services industry lost 38,000 jobs during July and has lost 1.5 million positions since the beginning of the recession. About 22,000 jobs were lost in the transportation and warehousing industry, which had a 17,000 average monthly job loss, half the 34,000 decline from November through April.
The financial activities industry lost 13,000 jobs during July and saw a 23,000 average monthly decline, compared to the 46,000 jobs lost per month from November through April. That industry has lost 501,000 positions since the beginning of the recession.
Employment in the healthcare industry increased by 20,000 jobs during July, on par with the average monthly gain during the first half of the year, but down from the average monthly increase of 30,000 jobs during 2008. The leisure and hospitality industry has seen little change in employment during the last three months.
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