US July 2014 Unemployment Report: This Is What You Need To Know About US Unemployment

 @gmorcroftg.morcroft@ibtimes.com  on August 01 2014 8:56 AM

Both the unemployment rate (6.2 percent) and the number of unemployed persons (9.7
million)changed little in July.

  unemployment1 US Unemployment Rate, Seasonally Adjusted  US Labor Department

  • Over the past 12 months, the unemployment rate and the number of unemployed persons
    have declined by 1.1 percentage points and 1.7 million, respectively.
  • The civilian labor force participation rate, at 62.9 percent, changed little in July. The
    participation rate has been essentially unchanged since April.
  • The number of persons employed part time for economic reasons (sometimes referred to
    as involuntary part-time workers), at 7.5 million, was unchanged in July. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
  • In July, employment grew in professional and business services, manufacturing, retail trade, and construction.
  • Professional and business services added 47,000 jobs in July and has added 648,000
    jobs over the past 12 months.
  • Manufacturing added 28,000 jobs in July. Job gains occurred in motor vehicles and parts (+15,000) and in furniture and related products (+3,000).
  • In July, retail trade employment rose by 27,000.
  • Employment in construction increased by 22,000 in July.
  • Social assistance added 18,000 jobs over the month.
  • Mining added 8,000 jobs in July, with the bulk of the increase occurring in support
    activities for mining (+6,000). Over the year, mining employment has risen by 46,000.
  • In July, average hourly earnings for all employees on private nonfarm payrolls edged up by 1 cent to $24.45.

 

Join the Discussion