Ho-Hum Growth in Second Quarter
Unemployment Rate Steady, but Labor Force Participation Falls Again

More Jobs Growth in July

The July jobs report from the BLS showed change in the unemployment rate (5.3%) and labor force participation rate (62.6%).  The unemployment rate since 2004 is plotted below:

 Unemployment July 2015

The big positive news is the estimate of 215,000 new jobs added in the economy overall.  This continues three straight months of more than 200,000 new jobs.

Payroll July 2015

One last trend to watch:  although the long run trend for the U.S. economy is increasing jobs in the service sector along with relative declines in manufacturing, the July report estimates increases in manufacturing jobs.  The net change of employment opportunities in manufacturing +15,000, up from just +2,000 the month before.