American job growth falls short of expectations in July

Ahead of this morning’s new jobs report, most projections said the U.S. economy added roughly 190,000 jobs in July. Apparently, we didn’t do quite that well.

The Bureau of Labor Statistics reported this morning that the economy added 157,000 jobs in July, while the unemployment rate inched lower, going from to 4% to 3.9%. It’s the second lowest monthly jobs total of the year.

That said, the revisions for the two previous months – May and June – looked very good, with a combined gain of 59,000 jobs as compared to previous BLS reports.

In terms of the larger context, this morning’s data points to 1.5 million jobs created so far in 2018, which is evidence of a healthy job market, and which is an improvement on the totals from the first seven months of 2016 and 2017. That said, this year’s tally is still short of the totals from the first seven months of 2014 and 2015.

Above you’ll find the chart I run every month, showing monthly changes in total jobs since the start of the Great Recession. The image makes a distinction: red columns point to monthly changes under the Bush and Trump administrations, while blue columns point to monthly job changes under the Obama administration.

Update: Here’s another chart, this one showing monthly job losses/gains in just the private sector since the start of the Great Recession.

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American job growth falls short of expectations in July