A Close Look at July (Un)employment

162,000: New jobs produced in the US in July 2013

July's US employment data was less than stellar. Last month, the United States produced 162,000 new jobs, well below expectations and the slowest rate of growth in four months. Additionally, the data showed that the average work week shrank and that hourly earnings fell for the first time since last October—an important point since it shows that the labor market is still not strong enough to produce a pickup in wages. Finally, we would point out that even the headline improvement in the unemployment rate (which fell from 7.6% to 7.4%) was actually a sign of weakness. A close look at the numbers shows that the decline can be partially attributed to the fact that more and more Americans have dropping out of the labor force and are no longer seeking employment.

For more on the economy, read this week's US commentary by Chief Investment Strategist Russ Koesterich.

Source: BlackRock, August 2013                                                                                                           

http://www2.blackrock.com/

Prepared by BlackRock

Delivered courtesy Joel W. Grams, CRPC®, CLTC,

Registered Representative, Financial Planner, 212 Capital Group

38 Main Street Suite 360, Westlake Ohio 44145

(440) 835-4501 Ext 17, jgrams@212capitalgroup.com

 

The foregoing discussion is general in nature and not intended as specific advice. New England Financial nor its representatives are engaged in rendering tax, accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.

 

For information on New England Financial insurance or other financial products and services, please contact

 Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England  Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com

www.212capitalgroup.com              

.

New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies.

 

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