The Labor Force projections released today show the U.S. workforce is growing at a faster pace than projected, and we’re still a ways away from full employment.
The Labor Force Survey is one of the more important indicators of economic health.
A survey that shows the labor force participation rate and the unemployment rate is often used by policymakers and economists to monitor labor market conditions and trends.
The Census Bureau, which provides the estimates used by the Labor Force Report, estimates that there were 6.3 million more Americans employed in July than the 6.1 million people who said they were working in June.
The estimated increase in the labor-force participation rate was 2.7 percentage points higher than the estimate from the Bureau of Labor Statistics (BLS), which showed a labor force increase of 0.6 percentage points.
The increase in unemployment was smaller than what we’ve seen in recent months, with the labor participation rate increasing by 1.4 percentage points, the unemployment level increasing by 0.9 percentage points and the number of unemployed persons dropping by 1,100,000.
The overall unemployment rate remained unchanged at 4.7 percent.
The unemployment rate for people ages 16-64 fell by 1 percentage point to 7.4 percent.
For the 65-plus population, the rate dropped by 1 percent to 8.3 percent.
The number of people aged 16-54 who are unemployed dropped by 2,100.
For the month of July, the number who were unemployed declined by 1 million, while the number employed rose by 3.1 percent.
This is a positive development for the economy as a whole, but it is not what we expected.
The labor force was added to the official labor force survey by more than 12 million people in July.
We expected to see a drop in labor force participants over this period, but instead, we see a large increase.
The labor force is growing and the jobless rate has dropped dramatically.
The number of employed persons increased by 8.5 million to 5.7 million in July, while those who were employed increased by 4.3 to 4.9 million.
This improvement is important for job seekers, but the overall labor force rate is still lower than the jobs created in June, and unemployment continues to be higher.
As we head into the final stretch of the Labor Market Report, the labor market is expected to be much stronger than expected, with more jobs created than lost in the last two months.
As we move into the end of the year, the economic outlook for the United States will be much more challenging.
We’ll be looking to the next Labor Force report, which is scheduled to be released in mid-September.