Not Much to Say About the Jobs Report

The July jobs report is out.  Nonfarm jobs rose by 255,000, which is more than economists predicted for July. But the unemployment rate still stands at 4.9 percent, and the labor force participation rate is a paltry 62.8 percent, only two-tenths of a point lower than last July.  In terms of demographics:

  • Among all age groups, the teenage unemployment rate (ages 16 to 19) is the highest at 15.6 percent.
  • African-American unemployment is the highest among minority groups at 8.4 percent.  Asians have the lowest rate at 3.8 percent.
  • Men have a slightly higher unemployment rate (4.6 percent) than women (4.3 percent).

Finally, the U-6 unemployment rate, which includes those who are marginally attached to the labor force and those who are working part-time but prefer a full-time job, is 9.7 percent.  While this is lower than July 2015, the U-6 rate has not made any significant declines this year, changing only slightly month to month by tenths of a point.  Slack in the labor market still remains.  In other words, business as usual in the Obama economy.

 

 

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