News release: “The unemployment rate rose to 5.7 percent, and nonfarm payroll employment continued to trend down in July (-51,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment continued to fall in construction, manufacturing, and several service-providing industries, while health care and mining continued to add jobs. Average hourly earnings rose by
6 cents, or 0.3 percent, over the month.”
- Table of Contents to documents and data related to this release.
- White House Fact Sheet: “[August 1, 2008] the Bureau of Labor Statistics released new jobs figures for July. Nonfarm payroll employment decreased by 51,000 jobs in July, and the unemployment rate was at 5.7 percent, below the average for each of the last three decades. Following yesterday’s report that Gross Domestic Product for the second quarter grew at a rate of 1.9 percent, it is worth noting that labor-market growth tends to lag GDP growth. In addition, we expect the unemployment rate will rise to a higher level than it otherwise would have been over the course of several months as a direct consequence from the recent extension of unemployment benefits.”