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U.S. Unemployment Rate Unchanged

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The U.S. unemployment rate remained unchanged last month, although initial survey results from the U.S. Bureau of Labor Statistics (BLS) showed stronger than expected hiring.

The economy added 195,000 jobs in June, according to BLS estimates – beating Wall Street’s estimate of roughly 165,000 new jobs. Meanwhile revisions to April and May data showed 70,000 new jobs were created during those months.

The bad news? The underemployment rate – a broader, more accurate measure of joblessness – shot up from 13.8 to 14.3 percent. Also the nation’s labor participation rate remained unacceptably low – at 63.5 percent.

In South Carolina the unemployment rate was 8 percent in May – although our state’s labor participation rate is much lower than the national average (58.9 percent).

JULY 2013 EMPLOYMENT SITUATION

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