US Unemployment Rate Falls to 7.4 Percent in July
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The US unemployment rate fell to 7.4 percent in July, a new low for the recovery. Payroll jobs increased by 162,000
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US Unemployment Rate Falls to 7.4 Percent in July
- 1. Economics for your Classroom from Ed Dolan’s Econ Blog US Unemployment Falls to 7.4 percent, a New Low for the Recovery Aug 4, 2013 Terms of Use: These slides are provided 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 Publishing.
- 2. Unemployment Rate Falls to New Low The US unemployment rate fell to 7.4% in July, a new low for the recovery. The unemployment rate is the ratio of unemployed persons to the labor force. The labor force decreased by 37,000 for the month. The number of employed workers rose by 227,000 and the number of unemployed decreased by 263,000 The unemployment rate is based on a survey of households that is separate from the payroll jobs survey. Unlike the payroll survey, it includes self-employed and farm workers July 5, 2013 Ed Dolan’s Econ Blog
- 3. 162,000 New Payroll Jobs in July Payroll jobs grew by 62,000 in June, about average for recent months June data were revised downward. May, which had been revised up earlier was revised back to its originally reported level Most new jobs were in services. Federal and state governments lost jobs while local governments added them. July 5, 2013 Ed Dolan’s Econ Blog
- 4. 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 fell to 14 percent in June, close to its low for the recovery July 5, 2013 Ed Dolan’s Econ Blog
- 5. Long-term Unemployment Rises Slightly The recession and slow recovery have been characterized by unusually high levels of long-term unemployment The percentage of the unemployed out of work for 27 weeks or rose slightly to 37 percent in July, but not enough to break the picture of a generally downward trend July 5, 2013 Ed Dolan’s Econ Blog
- 6. Involuntary Part-time Work Increases So-called “involuntary part-time” employment increased again in July, reversing an earlier downward trend This category includes workers who would like full-time work but can’t find it, or whose employers have cut their hours below full time July 5, 2013 Ed Dolan’s Econ Blog
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