Last month, I took note of the fact that employment growth in June was worrying close to not being growth at all. According to the Bureau of Labor Statistics, the picture improved markedly in July.
The decline in overall monthly employment between June and July is a seasonal effect that takes place every year. It is not meaningful and it demonstrates once again why I focus largely on the annual changes.
Interestingly, as noted by Kelly Bennett, the county’s unemployment rate increased for the year despite the growth in the number of jobs. Clearly, the number-crunching agencies in question (Kelly cited the California Employment Development Department, which provides data identical to that of the BLS) observed a growth in the labor force that exceeded the increase in employment.
— RICH TOSCANO