WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that just 114,000 jobs were added in July. Employment in May and June combined was 29,000 jobs lower than previously reported. The unemployment rate sprung up to 4.3% (seasonally adjusted) from 4.1% and the number of unemployed persons jumped up to 7.2 million from 6.8 million. The labor force participation rate ticked up slightly to 62.7% from 62.6% (still below pre-pandemic levels).
For women:
- The unemployment rate for adult women rose to 3.8% from 3.7%.
- The unemployment rate fell to 5.5% for black women from 5.7% but spiked to 5.4% from 4.5% for Hispanic women.
- Women’s labor force participation rose 0.2% to 57.5%.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“The gas fueling the jobs market has run out. More Americans are looking for work while fewer employers are hiring—an ominous sign that an economic slowdown is already underway.
“According to the latest jobs data for July 2024, we are turning back the clock on post-pandemic progress in the labor force. Americans’ paychecks grew at their slowest annual rate since May 2021. The unemployment rate rose to its highest level since 2021. Women’s unemployment has steadily been rising for months to a level not seen since the last two months of 2021.
“The inflation rate still exceeds pre-2021 levels, which means the Federal Reserve still hasn’t achieved its mission. Slowing wage growth spells trouble for Americans struggling with unaffordability due to rapidly rising housing costs, increased borrowing costs, and elevated inflation. American households, especially seniors and those from low income brackets, are reaching a breaking point. Savings are spent down, credit debt is rising, and delinquencies have hit a 12-year high.
“Women are looking for a new approach and fresh ideas to bring down costs without bringing down the economy. Entrepreneurship and gig economy work offer women flexible ways to earn more income. But they also need to be able to keep more of the income they earn. Instead, the Biden-Harris administration is actively restricting flexible work, breaking small businesses with costly and needless regulations, and planning to hike taxes on all Americans. This is not a winning approach.”
Read the stories of women and men who stand to lose flexible opportunities HERE.