Labor market grew less than expected 187,000 jobs In July, but one region delivered nearly half of the total.
The health care and social assistance category added 87,100 jobs last month, according to the Labor Department. This total rises to 100,000 when education-related jobs are included, as some economists do.
Health care and social assistance also added more than 70,000 jobs in the past two months. Ambulatory care services alone added 35,000 jobs in July.
“Healthcare alone has gained 35% of jobs in the past 3 months, with industry employment growing at a 4.4% annualized pace,” said Preston Caldwell, Head of Healthcare Management. This is likely to slow as industry employment is now below pandemic levels. Far ahead.” Morningstar’s US economist said in a note.
The two other bright spots were construction and financial activities, which added 19,000 jobs each.
However, jobs were lost in many categories, resulting in a net loss of 12,000 for the information.
About 8,000 jobs were also lost in business and professional services. This was driven by the loss of more than 22,000 jobs for temporary support services, which may be an early warning sign that the labor market is weakening.
“We are also seeing signs that companies are looking to cut labor use from the fact that temporary help employment is falling (down 5% year/year and falling rapidly over the past several months). .. .. Temporary help employment was a leading indicator of overall employment in the 2001 and 2008 recessions,” Caldwell said.