July Jobs Data

by Jay Pestrichelli on August 3rd, 2012

Wall Street was got a pleasant surprised this morning as it learned the US added 163,000 new jobs in the month of July beating an expected 95,000. However, it wasn’t enough to keep the unemployment rate from rising 0.1% to 8.3%. It is generally accepted that 225,000 net new monthly jobs are needed to keep up with the rising population.

Revisions had some offsetting action as June was lowered by 16,000 and May was revised up 10,000.

Digging into the sector performance has plenty of good news, but there are some spots that disappoints. Most notable is construction, that lost 1,000 jobs and this point is barely above where we were last year.


Retail also had a somewhat disappointing addition of only 6,000 and is starting to converge on last year’s levels, as it’s only up 0.76% year-over-year.
 
On the plus side:
  • Manufacturing   + 25,000
  • Healthcare                      + 38,000
  • Food Services                 + 31,000
  • Transports                      + 14,000
  • Administrative Services   + 27,000


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