Unemployment rate in July slips to 9.4 percent; another 247,000 jobs lost. Yuck
The bad news arrives. Here is the latest from the Labor Department on the July unemployment rate and the number of jobs lost (bold is mine):
1. Nonfarm payroll employment continued to decline in July (-247,000), and the unemployment rate was little changed at 9.4 percent, the U.S. Bureau of Labor Statistics reported today. The average monthly job loss for May through July (-331,000) was about half the average decline for November through April (-645,000).
2. The number of long-term unemployed (those jobless for 27 weeks or more) rose by 584,000 over the month to 5.0 million. In July, 1 in 3 unemployed persons were jobless for 27 weeks or more.
3. The civilian labor force participation rate declined by 0.2 percentage point in July to 65.5 percent.
4. Among the marginally attached, there were 796,000 discouraged workers in July, up by 335,000 over the past 12 months. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
5. Manufacturing employment fell by 52,000 in July and has declined by 2.0 million since the recession began.
6. In July, retail trade employment declined by 44,000. Job losses in the industry had averaged 27,000 per month over the prior 3 months.
7. Employment in professional and business services continued to trend down in July (-38,000); the industry has shed 1.5 million jobs since the start of the recession. … While temporary help has lost 844,000 jobs since the recession began, the declines have lessened substantially over the past 3 months.
8. Transportation and warehousing lost 22,000 jobs in July.
9. Financial activities employment continued to trend down in July (-13,000). The average monthly decline for this industry was 23,000 over the past 3 months compared with 46,000 per month from November through April. Since the start of the recession, the financial activities industry has lost 501,000 jobs.
10. Health care employment increased by 20,000 in July, about in line with the average monthly gain for the first half of this year but down from an average monthly increase of 30,000 during 2008.
11. In July, the average workweek of production and nonsupervisory workers on private nonfarm payrolls edged up by 0.1 hour to 33.1 hours.