I wish they would call it a 95% employment rate instead. Sounds even better.
Gee, I wonder where all that doom and gloom reported by the MSM and the dems before the elections is at? I mean gas prices are up a bit but everything else is doing fine.
Oh and don't give me that "Well when you adjust for inflation" crapola either because I wasn't driving in the early eighties, I really don't care what the inflation adjusted rates are. All I know is it used to cost me $18 to fill up my tank and now it is almost $40.
______________________________
Technical information:
Household data: (202) 691-6378 USDL 05-1459
http://www.bls.gov/cps/
Establishment data: 691-6555 Transmission of material in this release
http://www.bls.gov/ces/ is embargoed until 8:30 A.M. (EDT),
Media contact: 691-5902 Friday, August 5, 2005.
THE EMPLOYMENT SITUATION: JULY 2005
Nonfarm employment grew by 207,000 in July, and the unemployment rate was
unchanged at 5.0 percent, the Bureau of Labor Statistics of the U.S. Depart-
ment of Labor reported today. Over the month, payroll employment rose in many
service-providing industries.
Unemployment (Household Survey Data)
Both the number of unemployed persons, 7.5 million, and the unemployment
rate, 5.0 percent, were unchanged in July. A year earlier, the number of
unemployed was 8.2 million and the jobless rate was 5.5 percent.
Over the month, the unemployment rates for most major worker groups--adult
men (4.3 percent), adult women (4.7 percent), teenagers (16.1 percent), whites
(4.3 percent), and Hispanics or Latinos (5.5 percent)--showed little or no
change. The jobless rate for blacks declined from 10.3 to 9.5 percent over
the month. The unemployment rate for Asians was 5.2 percent, not seasonally
adjusted. (See tables A-1, A-2, and A-3.)
Total Employment and the Labor Force (Household Survey Data)
Both total employment and the civilian labor force rose in July. The em-
ployment-population ratio, at 62.8 percent, and the labor force participation
rate, at 66.1 percent, were essentially unchanged over the month. The employ-
ment-population ratio has trended up in recent months. (See table A-1.)
Persons Not in the Labor Force (Household Survey Data)
In July, 1.5 million persons were marginally attached to the labor force,
about the same as a year earlier. These individuals wanted and were available
to work and had looked for a job sometime in the prior 12 months. They were
not counted as unemployed, however, because they did not actively search for
work in the 4 weeks preceding the survey. There were 499,000 discouraged
workers in July, about the same as a year earlier. Discouraged workers, a
subset of the marginally attached, were not currently looking for work
--------------------------------------------------------------------
| Hurricane Dennis |
| |
| Hurricane Dennis struck near the beginning of the July reference |
| period, affecting parts of Florida, Alabama, and Mississippi. BLS |
| examined survey data from the counties in the path of the storm to |
| ensure that payroll survey responses were at normal levels. Our |
| examination of the survey data suggests that there were no discern-|
| able weather-related effects on national payroll employment as mea-|
| sured by the establishment survey. For the storm to have affected |
| payroll employment, people would have had to have been off work for|
| the entire pay period and not paid for the time missed. (In the |
| household survey, people who miss work for weather-related events |
| are counted as employed whether or not they are paid for the time |
| off.) |
-------------------------------------------------------------------
- 2 -
Table A. Major indicators of labor market activity, seasonally adjusted
(Numbers in thousands)
______________________________________________________________________________
| Quarterly | |
| averages | Monthly data |
|_________________|__________________________| June-
Category | 2005 | 2005 | July
|_________________|__________________________|change
| I | II | May | June | July |
________________________|________|________|________|________|________|_______
HOUSEHOLD DATA | Labor force status
|____________________________________________________
Civilian labor force.... | 148,089| 149,003| 149,122| 149,123| 149,573| 450
Employment............ | 140,296| 141,404| 141,475| 141,638| 142,076| 438
Unemployment.......... | 7,794| 7,599| 7,647| 7,486| 7,497| 11
Not in labor force...... | 76,949| 76,671| 76,547| 76,787| 76,580| -207
|________|________|________|________|________|_______
| Unemployment rates
|____________________________________________________
All workers..............| 5.3| 5.1| 5.1| 5.0| 5.0| 0.0
Adult men..............| 4.7| 4.4| 4.4| 4.3| 4.3| .0
Adult women............| 4.6| 4.6| 4.6| 4.6| 4.7| .1
Teenagers..............| 16.9| 17.4| 17.9| 16.4| 16.1| -.3
White..................| 4.5| 4.4| 4.4| 4.3| 4.3| .0
Black or African | | | | | |
American.............| 10.6| 10.3| 10.1| 10.3| 9.5| -.8
Hispanic or Latino | | | | | |
ethnicity............| 6.1| 6.1| 6.0| 5.8| 5.5| -.3
|________|________|________|________|________|_______
ESTABLISHMENT DATA | Employment
|____________________________________________________
Nonfarm employment.......| 132,814|p133,426| 133,413|p133,579|p133,786| p207
Goods-producing(1).....| 22,054| p22,135| 22,138| p22,136| p22,140| p4
Construction.........| 7,127| p7,216| 7,213| p7,228| p7,235| p7
Manufacturing........| 14,314| p14,294| 14,301| p14,280| p14,276| p-4
Service-providing(1)...| 110,759|p111,292| 111,275|p111,443|p111,646| p203
Retail trade(2)......| 15,112| p15,180| 15,186| p15,195| p15,245| p50
Professional and | | | | | |
business services..| 16,755| p16,867| 16,851| p16,908| p16,941| p33
Education and health | | | | | |
services...........| 17,191| p17,288| 17,289| p17,332| p17,353| p21
Leisure and | | | | | |
hospitality........| 12,641| p12,740| 12,736| p12,760| p12,793| p33
Government...........| 21,725| p21,752| 21,754| p21,756| p21,782| p26
|________|________|________|________|________|_______
| Hours of work(3)
|____________________________________________________
Total private............| 33.7| p33.7| 33.7| p33.7| p33.7| p0.0
Manufacturing..........| 40.6| p40.4| 40.4| p40.4| p40.4| p.0
Overtime.............| 4.5| p4.4| 4.4| p4.4| p4.5| p.1
|________|________|________|________|________|_______
| Indexes of aggregate weekly hours (2002=100)(3)
|____________________________________________________
Total private............| 101.7| p102.4| 102.3| p102.5| p102.7| p0.2
|________|________|________|________|________|_______
| Earnings(3)
|____________________________________________________
Avg. hourly earnings, | | | | | |
total private..........| $15.92| p$16.03| $16.03| p$16.07| p$16.13| p$0.06
Avg. weekly earnings, | | | | | |
total private..........| 536.51| p540.86| 540.21| p541.56| p543.58| p2.02
_________________________|________|________|________|________|________|_______
1 Includes other industries, not shown separately.
2 Quarterly averages and the over-the-month change are calculated using
unrounded data.
3 Data relate to private production or nonsupervisory workers.
p=preliminary.
- 3 -
specifically because they believed no jobs were available for them. The other
1.0 million persons marginally attached to the labor force had not searched for
work for reasons such as school attendance or family responsibilities.
(See table A-13.)
Industry Payroll Employment (Establishment Survey Data)
Total nonfarm employment rose by 207,000 in July to 133.8 million, season-
ally adjusted. This followed job gains of 126,000 in May and 166,000 in June
(as revised). In July, there were employment gains in many service-providing
industries, including retail trade, professional and technical services, finan-
cial activities, food services, and health care. (See table B-1.)
Retail trade employment rose by 50,000 in July, following little change in
June. This industry has gained 197,000 jobs over the year. In July, retail
employment gains were widespread, including growth in clothing stores (13,000),
motor vehicle and parts dealers (10,000), and building material and garden
supply stores (7,000).
Employment in professional and technical services increased by 23,000 in
July. Over the year, this industry has added 211,000 jobs. Management and
technical consulting services, as well as architectural and engineering
services, contributed to the July gain.
Employment in financial activities rose by 21,000 over the month, as credit
intermediation and real estate showed continued strength. Since July 2004,
employment in credit intermediation has grown by 93,000, while real estate has
added 54,000 jobs.
Elsewhere in the service-providing sector, employment in food services and
drinking places rose by 30,000 over the month. This industry has added 262,000
jobs over the year. The health care industry continued to grow in July, adding
29,000 jobs. Ambulatory health care services (which includes doctors' offices
and outpatient clinics), hospitals, and nursing and residential care facilities
all contributed to the employment gain. Temporary help services employment was
flat in July and has shown little net change since April.
In the goods-producing sector, construction employment continued to trend
up. Thus far this year, job gains in construction have averaged 21,000 per
month, about in line with the average monthly increase for 2004. In July, manu-
facturing employment was about unchanged. The motor vehicle and parts industry
shed 11,000 jobs, reflecting larger-than-usual shutdowns for annual retooling.
Employment in wood products fell by 4,000. These losses were partly offset
by small increases in several other manufacturing industries. Mining employ-
ment remained about the same over the month.
- 4 -
Weekly Hours (Establishment Survey Data)
The average workweek for production or nonsupervisory workers on private
nonfarm payrolls was unchanged at 33.7 hours in July, seasonally adjusted.
The manufacturing workweek remained at 40.4 hours, while manufacturing over-
time increased by 0.1 hour to 4.5 hours. (See table B-2.)
The index of aggregate weekly hours of production or nonsupervisory workers
on private nonfarm payrolls increased by 0.2 percent in July to 102.7 (2002=100).
The manufacturing index was down by 0.1 percent over the month to 93.4. (See
table B-5.)
Hourly and Weekly Earnings (Establishment Survey Data)
Average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls rose by 6 cents in July to $16.13, seasonally adjusted.
Average weekly earnings increased by 0.4 percent over the month to $543.58.
Over the year, both average hourly and weekly earnings grew by 2.7 percent.
(See table B-3.)
______________________________
The Employment Situation for August 2005 is scheduled to be released on
Friday, September 2, at 8:30 A.M. (EDT).
This will be another under-reported story.
Worst economy since Hoover, I tellsya....
Good news.
I need to see stuff like this, because here in Ohio, it's difficult to tell. (Not Bush's fault). Our RINO governor who may be the worst governor ever, has ruined our state economy. Since I don't travel, I only see what's around me, and it's a mess. Amazing what one man can do in a position of power.
Robert Taft is wealthy, he will live out his days in a comfortable fashion, which is a shame. If the man is ever elected to another public office, the people who elect him deserve what they will get, (much trouble).
I wish Robert Taft good health, a long life, and personal economic troubles commensurate to what he's brought onto the state of Ohio.
I once had an Economics professor say that in our economy 5% unemployment is more or less full employment. He stated that a large number of those 5% are not working because, for a number of reasons, they left their old jobs and are looking for new ones.
Well, who would have thought that economic Degree was more than paper purchased by G.W.'s father. Certainly not the Liberals that persist in the notion he's a dunce, nor the 'true conservatives' speaking from their armchairs knowingly about how the crash is imminent.
This is one of the benefits to having a President that understands economics.
Of course this report is regarded as lies and viewed as bad news over at the DUmp. No wonder that crowd is always so depressed.
Only 207,000? I had predicted 550,000. This falls well far-short of that prediction. I am deeply disappointed. Unless 700,000 new jobs are created next month, we will be in an intractable recession.