Nonfarm payrolls grew by 32,000 in July, and June’s employment gain was revised down from 112,000 to 78,000. Employment gains for these two months were considerably down from the prior three months, in which 295,000 net jobs were added on average. In July, for the first time this year, the one-month diffusion index was below 50 (49.5) meaning that more industries had net job losses than net job gains.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-08, pp. 12, 08.01.2004.