8/10: EconUpdate by P. Duffy

EconUpdate by P. Duffy

Job growth rises to 943,000 in July as unemployment rate drops to 5.4 percent

Total nonfarm payroll employment rose by 943,000 in July, and the unemployment rate declined by 0.5 percentage point to 5.4 percent. Notable job gains occurred in leisure and hospitality, in local government education, and in professional and business services.


June job openings increase 6.2 percent to series high of 10.1 million

The number of job openings increased 6.2 percent to a series high of 10.1 million on the last business day of June.  Hires rose 11.6 percent to 6.7 million, total separations edged up 4.8 percent to 5.6 million, and quits rose 6.6 percent to 3.9 million.  With 9.5 unemployed persons in June, there were nearly 600,000 excess available jobs to fill by the end of the month, rising to 1.4 million in July.


2Q2021 affordability index slips to lowest level since 1Q2012

According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), 56.6 percent of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $79,900. This is down sharply from the 63.1 percent of homes sold in the first quarter of 2021 and the lowest affordability level since the beginning of the revised series in the first quarter of 2012.