National Unemployment Rate Now Sits At 8.3%

According to the BLS, total nonfarm employment increased by 163,000 last month, while the unemployment rate increased to 8.3%.
The national unemployment rate has now ticked up to tie its highs of the year (8.3% in both January and February) after hitting 8.1% in April.
The markets gapped up higher after the release, due to the fact that expectations for the nonfarm payroll number were for about +100,000 new jobs. The markets continued to ramp higher after the gap up and are poised to turn in one of their strongest days of the year.
Let's take a closer look at July's numbers:
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-total non farm payroll increased by 163,000
-unemployment rate increased to 8.3%
-number of unemployed persons (12.8 million) little changed
-number of long-term unemployed (5.2 million) little changed
-number of persons employed part-time for economic reasons little changed at 8.2 million (note: these are people who want full-time work but can't find it due to either a) their hours being cut back or b) being unable to find a full-time job
-852,000 discouraged workers in July. These are people who have given up looking for work because they believe that there are no jobs available
-employment growth has averaged just over 150,000 per month in 2012
-the professional and business services industry added the most number of jobs in July (49,000)
-employment in food services and drinking places has increased by 292,000 over the past 12 months
-employment in industries such as construction and retail trade was essentially unchanged in July
-average hourly earnings for all employees on private nonfarm payrolls increased slightly to $23.52 in July (increase of 2 cents)
Source: BLS.gov - Employment Situation Summary
Source: Historical Unemployment Rates
Filed under: General Knowledge