August 24, 2014

209,000 new jobs created in July

Aug. 4, 2014 – The unemployment rate in July was 6.2 percent, up from 6.1 percent in June as 209,000 new jobs were created, according to data from the Bureau of Labor Statistics analyzed by NAFCU Senior Economist Curt Long.

"This is the sixth consecutive month that job gains have topped 200,000," Long said in a NAFCU Macro Data Flash report. June's numbers were revised upward by 10,000 to 298,000 while May's numbers were revised upward by 5,000 to 229,000.

Total private-sector payroll employment increased by 198,000 jobs in July. The goods-producing sector increased by 58,000 jobs, while the service sector increased by 140,000 jobs and total government increased by 11,000 jobs.

"Wage gains have yet to pick up steam, as average weekly earnings growth was flat in July and up only 2 percent compared to last year," Long said. "While the job-growth trend is encouraging, the Federal Reserve will not feel too much pressure to increase short-term rates earlier than planned as long as wage growth remains muted."