Friday's employment situation report by the Bureau of Labor Statistics indicated employment grew by 163,000 jobs in July. No matter how one spins this number, the rate of growth is indicative of an economy that is growing too slowly. The seasonal adjustment actually accounted for 377,000 jobs. The magnitude of this adjustment is not uncommon for the month of July though. What will be interesting is the jobs number in September as the seasonal adjustments in the last few months of the year are historically largely negative.
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| From The Blog of HORAN Capital Advisors |
At this rate of growth, it will take more than two years to get to an employment level reached prior to the '08-'09 downturn and this is not accounting for new entrants (college graduates) into the labor force.
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| From The Blog of HORAN Capital Advisors |
The Friday release also noted that July's unemployment rate rose to 8.3% versus 8.2% in the prior month. The U-6 rate, includes marginally attached workers, rose to 15% and the participation rate declined to 63.7% versus 63.8% in June.
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| From The Blog of HORAN Capital Advisors |
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