Jobs Report Remains Solid, Unemployment at 16-Year Low
August 4, 2017 by Paul Ausick
The labor force participation rate ticked up from 62.8% to 62.9%, and the employment-to-population ratio also ticked higher, from 60.1% to 60.2%.
The number of people not in the labor force declined slightly, from 94.81 million in June to 94.66 million in July. Year over year, the number of people not in the labor force rose from 92.92 million to 93.24 million, while the number of people who currently want a job dropped from 6.2 million to 5.7 million.
Job gains occurred in food services and drinking places, professional and business services, and health care. Employment growth has averaged 184,000 per month thus far this year, in line with the average monthly gain in 2016 (+187,000).
The average workweek for all employees was unchanged month over month at 34.5 hours. Average hourly earnings for all private, nonfarm employees rose by nine cents to $26.36. Year over year, average hourly earnings rose by 2.52%.
July’s underemployment rate (the U-6 unemployment rate), which includes those out of work and those working part-time but who would like to have full-time work, stood at 8.6%, unchanged from June.
July’s unemployment rate matches a 16-year low, which is good news for the U.S. economy because it means more Americans are working and spending. Complaints about a lack of skilled workers continue, even as employers remain reluctant to raise wages in an effort to attract more employees.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.