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A fading jobs market? Fewer businesses are hiring

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Here’s a sign of weakness in the jobs market. Fewer businesses are hiring

The U.S. added a solid 187,000 new jobs in July, but almost half of the hiring was concentrated in a handful of industries.

A measure in the monthly jobs report compares the percentage of industries hiring to the percentage of those losing jobs. This is known as the diffusion index, and it can reveal trends about the larger economy. Nearly half of July’s new jobs, 87,000, were created in health care and social assistance . That’s a continuation of a trend in 2023.

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