Bureau of Labor Statistics reports 209,000 new jobs created in July, slightly below expections ::posted Fri, 01 Aug 2014 12:58:38 +0000:: ift.tt/1qxzsBv rss@dailykos (Meteor Blades) The Bureau of Labor Statistics reported Friday that the U.S. economy created 198,000 seasonally adjusted new private non-farm jobs in July and 11,000 public-sector jobs for a total of 209,000. Officially, the unemployment rate rose to 6.2 percent. The consensus of analysts surveyed by Bloomberg in advance of the announcement was for 233,000 new jobs. This is the sixth month in a row that the BLS has reported more than 200,000 new jobs have been created. The last time there was a six-month run that high was in 1997. The BLS calls the official unemployment rate U3. But the bureau also produces alternative measures, one of which is U6. This includes Americans with no job, those working part time who want full-time positions and workers who have looked for jobs in the past 12 months but not in the past four weeks. In other words, it covers the unemployed and underemployed, but does not cover those who have left the labor force whatever their reasons for doing so. U6 rose from 12.1 percent in June to 12.2 percent in July. The bureau revised the number of jobs originally reported in June from 288,000 to 298,000, and in May from 224,000 to 229,000. “You now have six straight months of greater-than-200,000 job gains,” said Tom Porcelli, chief U.S. economist at RBC Capital Markets LLC in New York, whose 210,000 estimate was among the closest in the Bloomberg payrolls survey. “The labor force rose, and the labor force rises typically when people are feeling better about the backdrop.” By the bureaus count, there are now 638,000 more jobs than at the pre-recession peak. Its always good to remember that the BLS itself notes, with a 90 percent confidence level, that the monthly change in total nonfarm employment from the establishment survey is on the order of plus or minus 90,000. In other words, the bureaus statisticians are 90 percent confident that real number of new jobs created in July wasnt necessarily 209,000, but somewhere in a band between 119,000 and 299,000. Both full-time and part-time jobs are included in the bureaus total. Someone who reports s/he was hired to work 10 hours a week in July is counted in the total the same as someone hired to work 40 hours a week. Although hourly wages edged upward again, workers are barely keeping up with inflation, now running at about 2 percent a year. The bureau counted the unemployed in July at 9.7 million people, up from 9.5 million in June. This number does not include people who have retired, gone back to school, or given up a job to take care of young, old or disabled family members. It also doesnt include the millions of workers who have left the workforce out of despair they will find a job. The employment-population ratio remained steady at 59 percent. The labor force participation rate rose slightly to 62.9 percent, still a 36-year low. The civilian labor force rose 329,000. Americans in the category of the long-term unemployed—jobless for 27 weeks or more—rose to 3.2 million, 32.9 percent of the total unemployed. For more details about todays jobs report, please continue reading below the fold. [Forwarded by the MyLeftBlogosphere news engine. Link to original post below:]
Posted on: Fri, 01 Aug 2014 14:16:27 +0000
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