Moderate gains and major revisions paint a mixed economic picture

The U.S. unemployment rate changed little in July at 4.2% while total nonfarm payroll jobs increased by 73,000, according to the Bureau of Labor Statistics’ August 1 st employment situation summary. Job gains occurred in ambulatory health care services (+34,000), individual and family services (21,000), and hospitals (16,000). Employment losses occurred in federal government (-12,000). Employment showed little or no change in other major industries. Average hourly earnings for employees on nonfarm payrolls increased by 12 cents (0.3%) to $36.44. The average workweek for private nonfarm employees edged up by 0.1 hours to 34.3 hours. Economic revisions for May and June were abnormally large, with nonfarm employment revised down in May by 125,000 to +19,000 and in June by 133,000 to +1