August employment update

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  • The U.S. economy added 162,000 jobs in July and the unemployment rate fell 20 basis points to 7.4 percent, a 4 1/2 year low. Gains were made in retail trade, food service, financial activities and wholesade trade.
  • In Chicago, a spike in unemployed worked outpaced the growth in the labor force and, as a result, unemployment increased by 100 basis points to 10.3 percent.
  • Non-farm employment growth of 60,700 positions year-over-year was the greatest year-over-year gain since September 2011. In percentage terms, the metro-area labor market expanded by 1.6 percent over the last 12 months, which is in line with the U.S. average of 1.7 percent.
  • The ISM index for August indicated that manufacturing expanded in July to 56.0 up from 52.2 in June.

 

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