Aug 04, 2017
Putting U.S. Employment Numbers in Context – July 2017
Post by Freedom Partners
This morning, the Bureau of Labor Statistics (BLS) reported that the unemployment rate for July 2017 was 4.3 percent and that the economy added 209,000 jobs.
Today marks the sixth full monthly report for the Trump administration, and total monthly job gains have averaged 179,000 during that time.
Despite the strong job growth, millions of Americans are still struggling to find work, and an additional 47,000 individuals that looked for a job in the last year have given up their search.
The good news is that robust, sustained job growth is finally within reach. This year, Washington has a once-in-a-generation opportunity to enact comprehensive tax reform that encourages growth and helps improve the lives of millions of Americans, as well as institute bold, pro-growth policies that curb overspending and reduce regulatory burdens for businesses and individuals.
Below is a deeper look at the numbers from today’s report and what they say about the state of the U.S. economy and labor market.
Unemployment by the Numbers
4.3%: The unemployment rate decreased to 4.3 percent during July, down from 4.4 percent in June 2017.
6,981,000: The total number of unemployed individuals roughly stayed the same at 7 million in July 2017.
209,000: The economy added 209,000 jobs during July, down from 231,000 jobs added during June. The number of jobs added during May was revised down to 145,000 from the 152,000 reported last month.
13,892,000: The total number of individuals “underemployed” was 13.9 million during July 2017. This includes those individuals who are unemployed (7 million), those who want a job but are no longer looking for work (1.6 million) and those individuals who are working part-time because no other work was available (5.3 million).
8.6%: The “underemployment” or “real unemployment” rate stayed the same at 8.6 percent during July 2017.
7.4%: The African American unemployment rate increased to 7.4 percent last month, up from 7.1 percent during June.
5.1%: The Hispanic unemployment rate increased to 5.1 percent during July 2017.
349,000: The civilian labor force increased 349,000 during July 2017.
62.9%: The Labor Force Participation Rate was 62.9 percent during July 2017.
1,785,000: The number of individuals unemployed for longer than 27 weeks was 1.8 million during July. The total number of long-term unemployed individuals increased 121,000 from June 2017.
5,282,000: The number of individuals forced to work part-time because no full-time work was available was 5.3 million during July.
1,629,000: The number of individuals who attempted to look for a job at some point in the last year but have given up their search was 1.6 million during July 2017.
703,000: There were 703,000 unemployed first-time job entrants during July 2017. These individuals entered the labor market for the first time and were unable to find work.
25 Weeks: The average number of weeks it took job seekers to find work increased to 24.9 weeks in July.
6.8%: The millennial unemployment rate (18-29) decreased to 6.8 percent in July. When adjusting for pre-recession 2007 labor force participation rates, this figure increases to 10.5 percent.