The U.S. Bureau of Labor Statistics released encouraging news regarding the state of employment for the month of July, unemployment is down, with payroll expanding and unemployment contracting.
For the past few months, unemployment in the country remained relatively stable at around 7.6 percent, but the most recent jobs report from the BLS shows that unemployment fell to 7.4 percent. This marks the lowest unemployment rate in four years, providing an optimistic outlook for the future of those seeking work in the U.S. If the drop does not seem like much, it is important to note that at the same time last year, the jobless rate was around 8.2 percent.
Total nonfarm payroll increased as well to hit 162,000, which helped with the total number of long-term unemployed persons in the country decline by 921,000 over the course of the year.
Sectors that saw prominent growth included the retail trade industry, food and drinking services and wholesale trade. Retail trade continued its positive growth on the year, with the addition of 47,000 jobs in July. Wholesale trade also saw positive increases with the expansion of 14,000 jobs, contributing to its 83,000 hires over the past 12 months.
While the expansion in payroll is not quite what it was a month before, it is still important to see that jobs were added in July. Some economists, according to Bloomberg, are still optimistic that employment will recover moving into September.
For those who are still looking for work, staffing solutions such as performance-based flexible labor are a convenient way to get one's foot in the door. These labor solutions allow the worker to be trained on the job to develop the skills necessary for the field, while being paid based on how well the task was completed - giving further incentive to develop experience.