Complex Jobs Report

The US unemployment rate hit 6.1% in July, which is much lower than the last few years. Unfortunately, the job participation rate is nearly steady at 66.9%. The underemployment rate dropped to 14.2%. (Yes, the numbers don’t add to 100%, which is why the jobs report is complex.)

P2P and unemployment were steady in July because a decline in involuntary part-time work was offset by a drop in workforce participation. The net result is that many who were working part time in June were no longer working or were no longer looking for work in July. – Gallup

The recovery is not universal.

(Click on the graph for the link.)

“US Payroll To Population Rate Unchanged at 45.5% In July” – Gallup