The Patriot Post® · Putting July's Jobs Report in Perspective

July’s jobs numbers are in, and they show a modest reprieve from a lackluster recovery. The Bureau of Labor Statistics this morning reported the creation of 255,000 jobs last month and an unemployed rate of 4.9%. Encouragingly, the labor participation rate rose ever so slightly to 62.8% — which translates to a 407,000 increase in workforce participants — as did hourly wages and average work week, according to CNBC. Meanwhile, the Bureau made upward revisions to prior months as well. June saw 292,000 new positions (up from 287,000), while May came in at 24,000 — a still curiously low number but better nonetheless.

The lowdown of all this? It’s mixed, as always, but predominately good. American Action Forum President Douglas Holtz-Eakin contends, “July is the first month in recent memory that doesn’t have some significant downside.” That sentiment was echoed by American Enterprise Institute’s James Pethokoukis, who tweeted, “Job market showing great strength and stamina.” However, there are some things to keep in mind.

As CNBC notes, “The headline unemployment rate held steady at 4.9 percent, though a more encompassing measure that includes those not actively looking for work and those working part-time for economic reasons moved up a notch to 9.7 percent.” Moreover, while most sectors saw solid improvement, the mining and logging industry continued to contract. According to the report, the industry shed 7,000 positions — more evidence that Obama’s war on coal is hurting a critical energy provider. Nevertheless, it’s good to see things — mostly — moving in the right direction.