Solid U.S. Jobs Report for July

U.S. employers added 255,000 jobs in July, temporarily easing concerns about a possible economic slowdown, according to data released Friday.

Despite that solid number, the national unemployment rate stayed at 4.9 percent, a sign that more people are looking for work than were looking earlier this year, the U.S. Bureau of Labor Statistics stated in its monthly jobs report.

Professional and business services added 70,000 jobs, bringing to 550,000 the number of jobs that sector has added during the past year.

Also in July, health care added 43,000 jobs, leisure and hospitality added 45,000 and the food service/beverage sector made 21,000 hires. Government added 38,000 jobs, up slightly from previous reports, the bureau stated.

While not spectacular, the July numbers do indicate the economy is still growing, said Jay Prag, professor of economics and finance at the Drucker School of Management at Claremont Graduate University.

“It’s not a blowout number, but it was a little better than a lot of people expected,” Prag said. “We aren’t where we were 10 years ago, but we’re a lot better off than we were during the middle of the recession. It’s slow growth, but it’s still growth.”