Tulsa Standard

Today, the Bureau of Labor Statistics (BLS) released the jobs report for July 2024, revealing a slowdown in job growth with 114,000 new jobs added, a significant drop from June’s 179,000. The unemployment rate has risen to 4.3 percent, the highest since October 2021, marking the fourth consecutive month of increase.

“Stagnant job growth and rising unemployment – these are the consequences of the Biden-Harris Administration’s economic policies,” said Rep. Kevin Hern. “The harsh reality is that the Biden-Harris economy is failing American workers every day. Their policies just aren’t working - we need a new direction for our economy.”

Key takeaways from the report include:

- 114,000 jobs were added in July, down by 65,000 from June.

- Job gains in May and June were revised down by 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; pre-pandemic levels were at 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.

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