Friday, August 01, 2008

Unemployment Rate Rises to 5.7%

by Bill McBride on 8/01/2008 09:24:00 AM

The BLS reported:

The unemployment rate rose to 5.7 percent, and nonfarm payroll employment continued to trend down in July (-51,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment continued to fall in construction, manufacturing, and several service-providing industries, while health care and mining continued to add jobs.
Employment Measures and Recessions Click on graph for larger image.

This graph shows the unemployment rate and the year over year change in employment vs. recessions.

The unemployment rate has risen to 5.7 percent.

Year over year employment is now negative (fewer American employed in July 2008 than July 2007).

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