Here’s Where July Jobs Are — In One Chart – NBC New York

• The information services sector was a particular weak spot in July, with the number of jobs falling by 20,000.
• In the professional and business services and financial activities sectors, wages fell by 1,000 and 4,000 people, respectively.

The pace of hiring in the US slowed significantly last month, with the IT and financial sectors reporting declines in employment.

The information services sector was a notable weak spot in July, losing 20,000 jobs. Professional and business services and financial activities saw payroll declines of 1,000 and 4,000, respectively.

“These sectors are known for creating higher-wage, higher-quality jobs,” said Julia Pollak, chief economist at ZipRecruiter. “The labor market is clearly not normalizing. Further deterioration could set off a negative cycle of job losses, falling consumer spending, falling business revenues and more job losses.”

Nonfarm payroll jobs rose just 114,000 this month, well below Dow Jones’ estimate of 185,000. The unemployment rate rose to 4.3%, its highest level since October 2021.

There were undoubtedly some positives.

Health care again led in job creation, adding 55,000 jobs to the payroll. Other major gainers included construction (25,000), public administration (17,000), and transportation and warehousing (14,000). Recreation and hospitality, another leading gainer over the past few years, added 23,000.

“The latest labor market data is consistent with a slowdown, not necessarily a recession. However, early warning signs suggest further weakness,” said Jeffrey Roach, chief economist at LPL Financial.