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The July 2024 jobs report from the Bureau of Labor Statistics (BLS) revealed mixed signals about the U.S. labor market. The unemployment rate increased to 4.3%, and nonfarm payroll employment rose by 114,000, below the monthly average gain of 215,000 over the past year.
Key Sector Trends
Health care, construction, and transportation and warehousing sectors showed positive job growth. However, the information sector faced job losses, indicating ongoing challenges in tech-related industries.
Health Care: The addition of 55,000 jobs in the health care sector, particularly in home health care services, hospitals, and nursing care facilities, suggests a strong demand