“Unemployment Rate & Jobs Added/Lost in the US for Month Ending May 2017”

138,000 jobswere created in May, falling well below the expectations, while the unemployment rate fell to 4.3%, its lowest mark since 2001. The U6 rate fell to 8.4%, a number that includes those not actively looking for jobs as well as those working part-time. That is it’s lowest since 2007. The labor participation rate is down at 62.7% which means that workers that were sidelined did not return to the labor force. Looking at the adjusted numbers for March and April, average growth is about 130k jobs per month, well short of the 1 million jobs that President Trump has attempted to take credit for this year.

Wage growth also disappointed, with average hourly earnings rising at a 2.5 percent. The average work week was unchanged at 34.4 hours. As the economy continues to expand and comes closer to “full employment” wages should rise as companies stretch to attract new workers, yet this rapid wage growth is not taking place.

Despite some of the “soft” numbers on this report, economists agree that May tends to be a little quirky and seasonal so it tends to come in low. Still, many consider this report as the last hurdle cleard on the Fed’s way to raising rates when they meet this month. Effectively, the trend of steady jobs reports is an indicator that the economy is strong enough to support a rate hike.
Employers should still be taking this opportunity to make sure that they are staying on top their unemployment costs. While the climate is good, the time is right for companies to shop around to find the best software and most efficient processes to protect themelves from those inevitable changes in the employment landscape. Contact Unemployment Tracker for more information on effective UI cost management.

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“Unemployment Rate & Jobs Added/Lost in the US for Month Ending April 2017”

The headlining numbers from the April Jobs report were very strong. The economy added 211,000 jobs and the unemployment rate fell to 4.4%, the lowest number in more than a decade. Average hourly earning rose by 0.3%. Job creation has bounced back from the disappointing March numbers which were revised down to 79,000.

The largest private sector job growth was seen in leisure and hospitality at 55,000. Professional and business services were up 39,000. Healthcare added 37,000.

The number of unemployed declined by 146,000, with the number of new workers up to 156,000. The Labor Force Participation rate is 62.9%.

The U6 rate, that includes those not actively looking for jobs as well as those working part-time, dropped to 8.6% (down from 8.9% in March). This represents the lowest number since November 2007.

“This just adds to the perception that it’s going to be easier and easier to find a job if you want one these days. It’s job security that causes people to as for wage rises. If it’s easier for them to get a job outside their company, they’re more likely to push for higher wages.” — Brian Coulton, chief economist at Fitch Ratings.

Employers should be taking this opportunity to make sure that they are staying on top their unemployment costs. While the climate is good, the time is right for companies to shop around to find the best software and most efficient processes to protect themelves from those inevitable changes in the employment landscape. Contact Unemployment Tracker for more information on effective UI cost management.

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“October Unemployment Numbers by State”

Recent jobs data from the Department of Labor reported that US employers added solid 161,000 jobs in October and the unemployment rate fell to 4.9 percent. With the focus being on the overall Unemployment rate we often neglect to remember that unemployment effects some states and local economies more than others. Also, it’s important to point out that while we discuss Unemployment as a national issue the Unemployment programs vary by state and it’s the states that determine minimum and maximum benefits, the number of weeks and so forth.

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“September 2016 Jobs Report”

As election season draws to an end, the American economy is cruising right along despite some charged campaign rhetoric. It will be interesting to see how the candidates put their opposing spins on this report during the next debate. Analysts also think the outcome of the debate will inform the market reaction to these numbers. 156,000 jobs were added in September while unemployment is also up slightly to 5%. The labor force growth this represents is a good sign of continued economic recovery.

A broader measure of unemployment that includes those who have stopped looking for jobs as well as those working part-time for economic reasons was unchanged at 9.7 percent.

The number of workers considered not in the labor force fell by 207,000 to 94.2 million, the number in the labor population surged by 444,000 and the level of the employed jumped by 354,000, according to the household survey. The employment-to-population ratio rose to 59.8 percent, a half-percentage point gain from a year ago.

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“August Jobs Report”

“Job growth in August was respectable though not spectacular,” says Harry Holzer, a Georgetown University professor, and former chief economist at the U.S. Labor Department.

Total nonfarm payroll employment increased by 151,000 in August, and the unemployment rate remained at 4.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several service-providing industries.

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