In July 2021, the total nonfarm payroll increased by 943,000, according to the Bureau of Labor Statistics, while the unemployment rate declined by 0.5% to 5.4%.1
Below, we will examine the Bureau of Labor Statistics’ Job Report for June and July of 2021. This information includes the current U.S unemployment rate, as well as the number of job openings, new hires, and job separations in June 2021.
Unemployment
According to the Bureau of Labor Statistics, in July 2021, the unemployment rate declined by 0.5%, which brought it down to 5.4%. The total number of unemployed U.S citizens decreased by 782,000 to 8.7 million.1
Moreover, the total nonfarm payroll increased by 943,000, following a similar increase in June (+938,000). Nonfarm payroll is up by 16.7 million since April 2020; however, when compared with pre-pandemic levels in February 2020, it’s down by about 5.7 million.1
Job Openings
By the end of June 2021, job openings spiked to a series high of 10.1 million. Great increases were seen in industries such as business and professional services (+227,000), retail trade (+133,000), and accommodation and food services (+121,000).2
Hire vs. Separation Rate
In June 2021, the number of hires increased by 4.6%, respectively, to 6.7 million. The greatest number of new hires were seen in industries such as retail trade (+291,000), state and local government education (+94,000), and durable goods manufacturing (+36,000).3
Conversely, the total number of job separations increased by 254,000, reaching 5.6 million. The greatest number of separations were seen in industries such as business and professional services (+124,000), durable goods manufacturing (+48,000), and state and local government, excluding education (+30,000). Notably, the total job separation count includes quits, layoffs and discharges, in addition to other forms of separation.3
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References:
- The U.S Bureau of Labor Statistics. The Employment Situation – July 2021. Retrieved August 10th, 2021, from https://bit.ly/2U8Bpz8.
- The U.S Bureau of Labor Statistics. Job Openings and Labor Turnover – June 2021. Retrieved August 10th, 2021, from https://bit.ly/3s9vMNB.
- The U.S Bureau of Labor Statistics. TED: Job Openings Steady at 9.2 Million in May 2021. Retrieved August 10th, 2021, from https://bit.ly/3CF6Lis.
