Jobs Report May Contain Peek Into Future Growth
NEW YORK (MainStreet) There are a few different ways to take the economy's temperature, but beyond fluctuations in the price of gold or the Dow, the jobs report can often best tell the MainStreet citizen how healthy the economy is.
The most recent Bureau of Labor Statistics Unemployment Report, released at 8:30 this morning, showed minimal short-term improvement but indicated an over-arching positive trend.
"Both the number of unemployed persons, at 11.3 million, and the unemployment rate, at 7.4%, changed little in August," the report read. "The jobless rate is down from 8.1% a year ago...The civilian labor force participation rate edged down to 63.2% in August. The employment-population ratio, at 58.6 percent, was essentially unchanged."
To read the entire report click here.
Though these numbers might seem underwhelming, the progres has been steady.
"The economy has been adding jobs," said Jason Surbey, a spokesperson from the Department of Labor said. "We have added 2.3 million jobs in the last 12 months. There have been 42 straight months of job growth."
When the report says there is little change, it is referencing the previous month's numbers, which also had unemployment at 7.4%.
"This August, the unemployment is the lowest it has been since December 2008," Surbey said. "For the average American, hopefully they will start to feel the impact soon."
--Written by Leigh Held for MainStreet