Unemployment in USA
USA - Unemployment
Labor market conditions improve in July
Total non-farm payrolls increased by 943,000 in July, a solid reading that beat analysts’ expectations of an 870,000 increase. This followed June’s 938,000 increase in payrolls. Employment gains occurred in leisure and hospitality, and in professional and business services.
The unemployment rate ticked down to 5.4% in July from 5.9% in June, and the labor force participation rate inched up to 61.7%, from 61.6% the month prior. Hourly earnings rose 0.4% month-on-month in July (June: +0.4% mom), while annual wage growth accelerated to 4.0% from 3.7%. Taken together, July’s reading suggests the economy continues to recovery robustly as the pandemic dissipates and stimulus feeds demand, although there is still some way to go to recover all the jobs lost last year.
On the reading and outlook, Katherine Judge, a senior economist at CIBC Economics, noted:
“This was an all-around solid employment report, topped off by an impressive 0.6% rise in hours worked, which will likely give the Fed enough evidence of labor market progress to announce an early 2022 tapering of QE at the September meeting.”
FocusEconomics panelists expect the unemployment rate to average 5.4% in 2021, which is unchanged from last month’s forecast, and 4.2% in 2022.
United States - Unemployment Data
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|Bond Yield||1.92||-0.43 %||Dec 31|
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August 17, 2021
Retail sales fell 1.1% in month-on-month seasonally-adjusted terms in July, which contrasted June's 0.7% increase.
August 11, 2021
Consumer prices rose a seasonally-adjusted 0.47% in July over the previous month, which was below June's 0.90% rise.
August 6, 2021
Total non-farm payrolls increased by 943,000 in July, a solid reading that beat analysts’ expectations of an 870,000 increase.
August 2, 2021
The Institute for Supply Management (ISM) manufacturing index ticked down to 59.5 in July from 60.6 in June, nevertheless the index remained well-above the 50-threshold that separates expansion from contraction in the manufacturing sector. July’s slightly weaker expansion was the result of slower growth in new orders and production.
United States: GDP growth continues to gather traction in Q2, but undershoots economists’ expectations
July 29, 2021
GDP growth accelerated to 6.5% in seasonally-adjusted annualized rate (SAAR) terms in the second quarter, from 6.3% in the first quarter, although this figure considerably undershot market expectations. Private consumption roared ahead with 11.8% growth in the second quarter, which was above the first quarter's 11.4% expansion, driven by the return of Americans to restaurants and other in-person activities.