July Jobs Report: Unemployment Rate Rises for Fourth Consecutive Month
WASHINGTON, D.C. – Today, the Bureau of Labor Statistics (BLS) released its jobs report for July 2024. The report showed 114,000 new jobs were created in July, 65,000 less than were created in June. The unemployment rate rose for the fourth consecutive month, coming in at 4.3 percent. This is the highest unemployment rate since October 2021.
Chairman Arrington Statement on July Jobs Report:
House Budget Committee Chairman Jodey Arrington (R-TX) responds to the July jobs numbers:
"Policies have consequences, and the Biden-Harris Administration’s tax and spend agenda has resulted in stubborn inflation and a stagnant economy.
With low consumer confidence, high inflation and interest rates, and an underwhelming job market, Americans cannot afford four more years of failed economic policies."
What Today's Report Showed:
- 114,000 jobs added in July, down 65,000 from June.
- Jobs gains in May and June were revised down, 2,000 and 27,000, respectively. Bringing job gains in May to 216,000 and gains in June to 179,000.
- The labor force participation rate increased to 62.7 percent compared to 62.6 percent in June. The pre-pandemic level was 63.3 percent.
- The unemployment rate rose to 4.3 percent, with 7.2 million people unemployed. This is up from a 4.1 percent unemployment rate in June with 6.8 million people unemployed.
More on the Economy from the House Budget Committee:
- Read Chairman Arrington’s statement on consumer pessimism about their current economic standing in July HERE.
- Read Chairman Arrington’s statement on the June inflation rate HERE.
- Read Chairman Arrington’s statement on the Federal Reserve not lowering interest rates in July HERE.
