Where are all the jobs? These sectors hired the most (and least) in July
The number, which was right in line with Wall Street’s expectations, revealed the record-long economic expansion is continuing to grow at a fairly steady pace, largely ignoring softening global growth and the threat of the U.S.-China trade war.
And while wage growth remained relatively flat — average hourly earnings rose by 8 cents to $27.98, while earnings only increased 3.2 percent from the year-ago period — the fact remains that hiring is on the upswing.
“Jobs growth is continuing, but the rate of that change is slowing, which is a concern for the U.S. economy,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Here’s a look at the sectors that saw the most — and least — growth in job creation:
Professional and technical services: This sector added a solid 31,000 jobs in July, bringing the one-year total to 300,000. Employment increased by 11,000 in computer systems design and related services. In total, this industry accounted for about one-third of employment expansion in professional and technical services — both in July, and for the duration of the year.
Health care: Jobs in this industry rose by 30,000 over the past month, reflecting a strong 29,000 gain in ambulatory health care services. Over the year, health care has seen strong job creation, adding 405,000 in total. Ambulatory health care services accounted for about two-thirds of the gain.
Social assistance: In July, social assistance added 20,000 jobs. Over the year, the industry created 143,000 new jobs.
Financial activities: Financial activities employment rose by 18,000 in July, largely taking place in insurance carriers and related activities, which expanded by 11,000.
Mining: This industry saw the number of jobs decline by about 5,000 in July, after showing little change in previous months.