Earlier this month the US Department of Labor, Bureau or Labor Statistics (BLS) released the Employment Situation Summary for unemployment data collected during July 2014. This month the Employment Summary suggests an economic stall with slight growth in overall unemployment. The Each month the BLS reports on the Employment Situation by surveying households across the United States. The July 2014 Employment Situation Summary posted an unemployment rate of 6.2% which was a slight increase from last month's report.
With national unemployment rate now at 6.2% there remain 9.7 million jobless Americans and of that number, the Employment Situation Summary reports there are 3.2 million who have been jobless for 27 weeks or more and are deemed long term unemployed. The long term unemployed make up 32.9% of the total national unemployment.
Not counted in the July's national unemployment rate are 7.5 million involuntary part time workers. This group of involuntary part time workers cannot find full time work or have had their hours reduced to part time. The number on involuntary part time workers was unchanged from June.
Another category not counted in the national unemployment rate are the 2.2 million persons who are considered marginally attached to the labor force. The marginally attached to the workforce increased by 200,000 from the previous month since they have given up looking for a job but are no longer counted as unemployed because they have not searched for work in the last four weeks. Among the marginally attached workers there are 741,000 discouraged workers who has simply given up because they do not believe there is a job out there for them.
Of those jobs created Professional Services and business services care added the most jobs at 47,000 in June. Followed by Manufacturing adding 28,000 jobs with food services and Retail Trade employment adding 27,000 jobs. Also during July the average hourly earnings have for private non supervisory employees increased by 4 cents.
To view the full report go to Employment Situation Summary – July 2014. The next national BLS Employment Situation report will be released by the Department of Labor on September 5, 2014 and will evaluate employment data collected during August 2014.
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