Monthly Economic Report: August 2013

Posted by Paladin on September 15, 2013

A summary of the BLS jobs report for the professional and business services industry — based on July 2013 data.

Even though private sector job growth was not as apparent in July as it was in other months, many economists were still encouraged by the BLS’ most recent “The Employment Situation” report. The report revealed a steady rise in hiring, as the private sector generated 162,000 new jobs in July, the 41st consecutive month of private job creation.

Public sector employment statistics were also released. As a surprise to many economists, government hiring actually augmented for the first time in 2013, rising by 1,000. Local government hiring was especially noticeable, increasing by 6,000, as 10,100 local government educators were added to payrolls.

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July Jobs Report: Only 162,000 Jobs Added
Source: ABC News

The economy added 162,000 jobs in July, fewer than economists expected, as unemployment fell to 7.4 percent, the Labor Department reported today. Many economists expected the addition of 175,000 to 185,000 jobs in July and the average workweek to remain unchanged at 34.5 hours. The average workweek fell by 0.1 hour in July to 34.4 hours.

The monthly jobs report is closely watched by investors for signs that the Federal Reserve will soon taper its bond-buying efforts that have boosted the economy, perhaps leading to a new downturn. The Fed has indicated that it will pull back those purchases, but hasn’t said exactly when that will begin. Job additions have been moderate this year, but not at the level that will cause the jobless rate to fall substantially. Read more

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