US Jobless Rate Steady at 4.9% in July


US unemployment rate came in at 4.9 percent in July 2016 unchanged from the June rate and above market expectations of 4.8 percent. The number of unemployed persons was essentially unchanged at 7.8 million.

Among the major worker groups, unemployment rates in July were little changed for adult men (4.6 percent), adult women (4.3 percent), teenagers (15.6 percent), Whites, (4.3 percent), Blacks (8.4 percent), Asians (3.8 percent), and Hispanics (5.4 percent). 

The number of persons unemployed less than 5 weeks decreased by 258,000. At 2.0 million, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged over the month and accounted for 26.6 percent of the unemployed.

Both the labor force participation rate, at 62.8 percent, and the employment-population ratio, at 59.7 percent, changed little in July. The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 5.9 million in July. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. 

In July, 2.0 million persons were marginally attached to the labor force, about unchanged from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. Among the marginally attached, there were 591,000 discouraged workers in July, little different from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force in July had not searched for work for reasons such as school attendance or family responsibilities. 

US Jobless Rate Steady at 4.9% in July


BLS | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/5/2016 1:40:53 PM