The number of jobs in the retail sector in July edged up by just 4000 in July, the latest data from the federal government shows. That finding was released by the U.S. Bureau of Labor Statistics, which showed that the unemployment rate rose to 4.3 percent in July, and nonfarm payroll employment edged up by 114,000.
In retail, the total number of jobs in July was 15,676,000, up slightly from 15,672,000 from the month previous. Overall, the biggest employment gains were in continued health care (+55,000), construction (+25,000) and transportation/ warehousing (+14,000), while information technology lost the most jobs (-20,000).
The report also noted that Hurricane Beryl made landfall on the central coast of Texas on July 8, during the reference periods for both the household and establishment surveys. However, the storm – which AccuWeather estimates resulted in $28 billion to $32 billion in damages and economic losses – had “no discernible effect” on the national employment and unemployment data for the month.
Still, the report’s relatively weak total jobs figure – which was below the average monthly gain of 215,000 over the prior 12 months – did cause some waves in the stock market. Most major indexes were down on Friday (Aug. 2), the day the report came out, and again on Monday (Aug. 5), when the markets reopened for the week, with much of the concern being that the Fed has waited too long to cut interest rates.
“The July jobs report underscores that the labor market is moderating, making a September interest rate [reduction] from the Fed even more likely,” JP Morgan Wealth Management noted in its review of the numbers.
Click here for more from the bureau’s report.
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