Intern Corner: Jobs Report Offers Optimism
Written by Tyler Holzer
July was a relatively successful month for the national jobs market. In July, more than 400,000 people joined the workforce, and 255,000 jobs were created, 37,000 of which were professional and technical service jobs. In fact, about 70,000 professional and business service jobs were created – nearly doubling the sector’s growth in June. Job openings are actually on the cusp of a record high, which is an encouraging sign for the economy and jobs market. Furthermore, hourly year-over-year earnings have increased by 2.6 percent, averaging $25.69 in July. The national unemployment rate remained unchanged in July, however. Aggregate unemployment and professional and technical unemployment have experienced stagnant monthly change, at 4.9 percent, and 2.7 percent, respectively. In conclusion, the July jobs report suggests that the economy is warming up like the weather.