Statement on the Employment Situation in July

WASHINGTON, DC – Jason Furman, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in July.

Summary: The economy added 255,000 jobs in July, as the unemployment rate held steady, labor force participation rose, and wage growth picked up.

The economy added 255,000 jobs in July following robust job growth in June, as the unemployment rate held steady at 4.9 percent and labor force participation rose. U.S. businesses have now added 15.0 million jobs since private-sector job growth turned positive in early 2010, and the longest streak of total job growth on record continued in July. So far in 2016, job growth has averaged a solid 186,000 jobs a month, well above the pace needed to maintain a low and stable unemployment rate, and nominal hourly earnings for private employees have increased at an annual rate of nearly 3 percent so far in 2016, much faster than the pace of inflation. Nevertheless, more work remains to sustain faster wage growth and to ensure that the benefits of the recovery are broadly shared, including investing in infrastructure, implementing the high-standards Trans-Pacific Partnership, raising the minimum wage, and guaranteeing access to paid parental leave. 

The complete statement is available here. 

Source: The White House, Office of the Press Secretary