The national economy added 215,000 jobs in July and has averaged 235,000 new jobs each of the last three months, while the unemployment rate held steady at 5.3 percent for the second month, the Labor Department announced Friday morning.
Job-creation figures for May and June were revised modestly upward, adding 14,000 jobs. But The proportion of Americans in the workforce remains at a four-decade low of 62.6 percent, after declining 0.3 percent in June. The lower rate is driven in part by the migration of baby boomers into retirement. The employment-population ratio is also at a four-=decade low and was unchanged in July, at 59.3 percent.
On the other hand, the number of people working part-time because they cannot find full-time work, or because their hours have been cut back, is at 6.2 million, a healthy decline of 161,000 in a single month, and a decline of 1.3 million since last July. The total number of people working part-time is at 19.5 million, an increase of almost 2 million just in the past year.
There are also 8.7 million self-employed workers, an increase of 200,000 in the past year.
Those employed part-time for economic reasons are counted among the underemployed. When that figure is added to the number of unemployed and the number of those workers so discouraged from finding work that they’ve dropped out of the workforce, the actual unemployment and underemployment rate–the so-called U-6 alternative unemployment rate–stands at 10.4 percent. But that, too, is a significant improvement from the 12.6 percent rate a year ago, pointing to strengthening underlying trends in the economy.
In Florida, however, the unemployment and underemployment rate remains among the highest in the country, at 12.3 percent.
In July, 826,000 people entered the workforce for the first time, a decline from June’s figure of 933,000. Some 843,000 left the workforce, a slight increase from the previous month. And 2.4 million people who had previously worked but been unemployed re-entered the workforce.
Average hourly earnings for all employees on private payrolls rose by just 5 cents in July, to $24.99, or just 2.1 percent over the year, not enough to overcome the cost of inflation and not nearly enough to improve workers’ standards of living.
Obama 2015 says
I believe that is now 65 months of job GROWTH.
Anon says
And yet the number of people not in with work force, not seeking employment is at a record high. Hmmmmm….is this Obama math???
http://www.bls.gov/news.release/empsit.t01.htm
Knightwatch says
Wait for the pre-programmed Republican response … wait for iittt … “There are actually 100 million people out of work in the U.S.; any reduction in the unemployment rate is due to millions of people giving up and leaving the workforce; all of the jobs added are part time; Obamacare is costing millions of jobs; the federal government is cooking the books hide the failed economic policies of president Obama.”
You know, Stepford Republicans.
Sherry E says
WOW! Were you right on, Knightwatch!
It’s interesting how easy it is to again blame President Obama for never doing enough. . . without remembering that the CEOs of major corporations from Disney to Walmart CHOOSE to continue to pay disgraceful wages while they live in the paradise of the 1%. Also forgetting that conservatives fight raises in the minimum wage and equal pay for women at every turn.
Last night’s debate was laughable, not only for idiot Trump’s antics, but also for the mythical belief that “manufacturing” is magically coming back to the USA in a massive way. I suppose it makes some kind of twisted logic, if they can just do away with ALL minimum wage laws, all OSHA protections, and the EPA. . . Then we too could have dangerous sweat shops, where children put in 12 hour days and live in dormitories, while the factories spew poison into the air and water! After all, the 1%ers can just retreat to their yachts!
djsii says
It isn’t necessary to bring back high paying manufacturing jobs to the US. All we really have to do is raise the wages of all those folks selling hamburgers to each other to a respectable wage; say $15.00/hr. We can all become wealthy working at fast food restaurants…….really we can.
I think Obama, the Congress, the Senate, Democrats, Republicans, and past administrations have done a fantastic job of creating sub-standard job markets where our best and brightest college graduates have an opportunity to work for one or more of the many lucrative food industry companies. Who cares if the jobs are part-time, just get more than one part-time job and make up the difference.
We do not need engineers and technicians in this country anymore because those jobs have been sent to other countries. We need more culinary institutes to prepare our future generations for the “new” workforce this country, and our politicians, are actively engaged in developing.
Manufacturing jobs are totally over-rated……………..after all what have they really done for the Asian countries.
I can remember when there were no manufacturing jobs in Asian countries, but they came over to visit our manufacturing companies with their cameras and an unbelievable eagerness to learn. They began to produce products for the US markets, but the quality was worse than sub-standard. They didn’t throw in the towel and decide that hamburgers were their best bet for the future, they tried harder, they developed an economic culture for success within their population.
The best we seem to be able to come up with is a “Can’t-Do” attitude.
Republicans crucifying Democrats; Democrats crucifying Republicans………….we should all be ashamed of ourselves. The other countries are sitting in the wings laughing at us while we implode due to the in-fighting. All I have seen over the past 20 years of Republican and Democratic rule is hate and discontent. Meanwhile the rest of the world is passing us by as we spin ourselves into financial ruin. We all better hope that the world doesn’t cease to use the US dollar as the global monetary standard, because if they do, we are the next Greece.
It is time we got our heads out of our posterior and, as a country (not as a party) come to agreement on what we Can-Do rather than what we Can’t-Do.
Obama 2015 says
Obama Math is much better than that Reagan Trickle down economics. Want to bring more jobs here? Change the tax code and make the companies move their jobs back to the USA. Or you can also stop going to Wal Mart and Dollar Stores and just buy American products for a little more.