Posted August 4, 2023

Wholesale trade gains 18,000 workers

Total nonfarm payroll employment rose by 187,000 in July, and the unemployment rate changed little at 3.5%, the U.S. Bureau of Labor Statistics reported August 4. Job gains occurred in health care, social assistance, financial activities, and wholesale trade.

Both the unemployment rate, at 3.5%, and the number of unemployed persons, at 5.8 million, changed little in July. The unemployment rate has ranged from 3.4%-3.7% since March 2022. 

The labor force participation rate was 62.6% for the fifth consecutive month. The employment-population ratio, at 60.4 percent, remained little changed in July. 

In July, employment in wholesale trade increased by 18,000, after showing little net change in recent months.  

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; retail trade; transportation and warehousing; information; and government. 

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