US Full-Time Employment Falls for Fourth Straight Month in July
US full-time employment dropped by 106,000 in July to 133.55 million, the lowest since December 2024, while the full-time share of total employment slipped to 82.4%.
Full-time employment in the US declined by 106,000 in July to 133.55 million, the weakest reading since December 2024. That marks the fourth consecutive monthly decline, bringing the cumulative drop over that stretch to 1.11 million.
Since January 2025, full-time employment has fallen by 2.35 million. As a result, the total number of full-time workers is now only 1.4% above pre-pandemic levels.
The full-time employment-to-total employment ratio has fallen to 82.4%, the third-lowest level since March 2018. The data suggests the US labor market is weaker beneath the surface.
Source: The Kobeissi Letter