US Job Growth Better in July but Unemployment Rises a Bit
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The US economy produced 163,000 new jobs in July, but the unemployment rate increased fractionally
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US Job Growth Better in July but Unemployment Rises a Bit
- 1. Data for the Classroom from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ U.S. Job Growth Better in July but Unemployment Rate Rises a Bit Posted Aug 4, 2012 Terms of Use: These slides are made available under Creative Commons License Attribution— Share Alike 3.0 . You are free to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishers.
- 2. Job Growth Improves in July The latest report from the Bureau of Labor Statistics showed an increase of 163,000 payroll jobs in July, the 22nd straight month of job growth An increase of 172,000 in private nonfarm jobs was partly offset by a decrease of 9,000 in government jobs. The June figure was revised down to a very weak increase of 64,000 jobs Posted Aug. 4, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 3. Unemployment Rate up Slightly The unemployment rate increased from 8.216 to 8.253 %, just enough to send the widely reported rounded rate up to 8.3 % The unemployment rate is the ratio of unemployed persons to the labor force. The number of unemployed increased and the labor force decreased slightly in July The unemployment rate is based on a separate survey of households that includes self-employed and farm workers Posted Aug. 4, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 4. Employment-Population Ratio Falls Slightly in July The employment to population ratio fell to 58.4 percent in July, but remained a bit above its all-time low of 58.2 percent reached a year ago The ratio is affected both by cyclical factors and by long-run trends, especially an aging population Posted Aug. 4, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 5. Broad vs. Standard Unemployment Rate The BLS also provides a broader measure of job-market stress, U-6 The numerator of U-6 includes Unemployed persons Marginally attached persons who would like to work but are not looking because they think there are no jobs, or for personal reasons Part-time workers who would prefer full-time work but can’t find it The denominator includes the labor force plus the marginally attached U-6 rose slightly in July for the third month in a row Posted Aug. 4, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 6. Long-Term Unemployment Falls, but Remains High Not all the news was bad. The percentage of all unemployed workers who have been out of work 27 weeks or longer fell to its lowest level since the end of 2009 The long-term unemployment rate remained unusually high, however, as it has been throughout the recession and recovery Posted Aug. 4, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com