U.S. Unemployment Rate Down to 7.4% in July
U.S. unemployment rate edged down to 7.4 percent and total nonfarm payroll employment increased by 162K in July. Employment rose in retail trade, food services and drinking places, financial activities, and wholesale trade.
Both the number of unemployed persons, at 11.5 million, and the unemployment rate, at 7.4 percent, edged down in July. Over the year, these measures were down by 1.2 million and 0.8 percentage point, respectively.
Among the major worker groups, the unemployment rates for adult women (6.5 percent) and blacks (12.6 percent) declined in July. The rates for adult men (7.0 percent), teenagers (23.7 percent), whites (6.6 percent), and Hispanics (9.4 percent) showed little or no change. The jobless rate for Asians was 5.7 percent (not seasonally adjusted), little changed from a year earlier.
In July, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.2 million. These individuals accounted for 37.0 percent of the unemployed. The number of long-term unemployed has declined by 921,000 over the past year.
Total nonfarm payroll employment increased by 162,000 in July, with gains in retail trade, food services and drinking places, financial activities, and wholesale trade. Over the prior 12 months, nonfarm employment growth averaged 189,000 per month.
8/2/2013 1:39:21 PM