Unemployment ticks up to 6.2% in July
The national unemployment rate reversed its steady downward direction in July, ticking up slightly to 6.2% with the addition of 209,000 jobs, the Department of Labor reported.
However, a greater number of people entered the labor market last month, a sign that prospects could be improving for discouraged and long-term unemployed workers. July saw 741,000 discouraged workers, down by 247,000 year-over-year. However, the number of long-term unemployed, those employed part-time for economic reasons and the civilian labor force participation rate were little changed in July.
The majority of the job gains were in professional and business services, which added 47,000 jobs in July. Manufacturing took second place at a gain of 28,000 jobs, followed by retail trade at 27,000.
The construction industry also made some progress, adding 22,000 jobs.
On a seasonally adjusted basis, building material and garden supply stores saw a 2.6% boost in the size of their payrolls.
July’s overall job growth was markedly below the strong pace in June, which, when upwardly revised, saw the creation of 298,000 jobs.
The slowdown could provide an incentive for the Federal Reserve to keep interest rates low for some time still, easing into a gradual recovery.
Irwin expands impact tool accessories line
Huntersville, North Carolina-based impact driver company Irwin has unveiled the second phase of its Impact Performance Series line of accessories. This phase expands the line beyond fastening into extracting, drilling and power bits.
“The second phase of the Impact Performance Series expands our initial offering, which was originally focused on the fastener drive category only,” Irwin’s marketing director, John Schlosser, said. “Irwin’s expansion … provides the right impact accessory for nearly all impact driver applications.”
One of the new products is a Tapcon installation system, which combines a bit for pilot holes with a sleeve that goes over the bit, turning it into a driver. Additionally, the series features double-ended power bits, which can be switched faster and can be used with Irwin’s magnetic screw-hold attachment.
Also in the new phase of products are screw- and bolt-grip extractors. The screw-grip extractors are also double-ended, and users can screw a hole into striped screws, then flip it over to extract it. The bolt-grip extractors use reverse spiral flutes to pull out rusted bolts, and will be sold in magnetic and non-magnetic sets.
The line also include bit holders and deep well sockets, as well as bits for masonry and metal and various extensions and adapters.