WASHINGTON — Employment in the U.S. financial activities sector fell by 14,000 jobs in July, extending a decline that has cut payrolls in the industry by 121,000 since its recent peak in May 2025, according to data released by the U.S. Bureau of Labor Statistics on Friday.
The losses were concentrated in credit intermediation and related activities, which shed 9,000 jobs, and insurance carriers and related activities, where employment fell by 7,000, the BLS said. The figures are seasonally adjusted.
The decline came as total U.S. nonfarm payroll employment fell by 23,000 in July, following downward revisions to employment gains in the previous two months. The BLS revised May's job gain to 63,000 from 129,000 and June's to 20,000 from 57,000, leaving combined employment for those months 103,000 lower than previously reported.
Financial activities was among several industries reporting weaker employment in July. Local government education lost 50,000 jobs and retail trade declined by 19,000. Health care, by contrast, continued to add workers, gaining 22,000 jobs during the month. Employment showed little change in several other major industries, including construction, manufacturing, wholesale trade, transportation and warehousing, information, professional and business services, and leisure and hospitality.
The financial-sector decline adds to a longer-running deterioration in payroll employment. According to the BLS, financial activities employment has fallen by 121,000 jobs from its May 2025 peak. The sector includes finance and insurance, real estate and rental and leasing, and related financial activities.
The broader labor market showed limited movement in July. The unemployment rate edged down to 4.1% from 4.2% in June, while the labor force participation rate slipped to 61.4% from 61.5%. The number of unemployed people stood at about 6.9 million.
Average hourly earnings for private-sector workers rose 3.2% from a year earlier in July, while the average workweek was unchanged at 34.3 hours, the BLS reported.
The BLS is scheduled to release its August employment report on Sept. 4. It also plans to publish a preliminary benchmark revision to establishment-survey data on Aug. 28, based on more comprehensive employment counts from unemployment-insurance records.
