US full-time employment fell 106k in July to a 7-month low, marking the 4th consecutive monthly decline and signaling weakening labor market conditions.
Macro & Markets ·
Full-time employment in the US declined by 106,000 in July, falling to 133.55 million and marking the lowest level since December 2024, according to labor data. This represents the fourth consecutive monthly decline, with cumulative losses of 1.11 million over that period and 2.35 million since January 2025. The full-time employment-to-total employment ratio dropped to 82.4%, the third-lowest since March 2018, while full-time workers remain only 1.4% above pre-pandemic levels.