Household data report
In the July labor report, the Bureau of Labor Statistics said the unemployment rate was unchanged at 9.5% nationally and 15.6% for Blacks in the US. non-farm payrolls dropped by 131,000 jobs. Federal government employement decreased by 143,000 mostly due to the end of the census. Hispanic unemployment was 12.1%.
The long term unemployed (27 weeks or longer)remained at 6.6 Million. The labor force participation rate 64.6% was also unchanged but is up %0.6 since April. The declining participation rate explains the why the unemployment rate remained at 9.5%. The actual labor force is shrinking as people give up looking for work.
The BLS also reported there were 2.6 million marginally attached workers(MAW). MAW's want to work and have looked for a job in the last 12 months but have not looked in the last four weeks.
In one of the worst signs in the report, discouraged workers increase to 1.2 million from only 389K a year earlier. Discouraged workers are not looking for work because they believe there are no jobs available for them.
Business Establishment data
Total private employment increased by 71,000. A small number by historical recovery standards but probably as good as could be hoped in the current economic situation. Manufacturing added 36,000 jobs, health care added 27,000 and the average work week moved up 0.1 hour. Average hourly earnings increased by 4 cents or %0.2 percent.
In summary the economy is growing slowly as american adjust to the "new" normal.
- ► 2017 (44)
- ► 2016 (62)
- ► 2015 (14)
- ► 2013 (47)
- ► 2012 (77)
- ► 2011 (105)
- ▼ August (7)