The Covid-19 recovery ushered in the lowest U.S. unemployment rate on record according to an annual report issued by the Bureau of Labor Statistics (BLS). The "Work Experience of the Population" report shows that the "work-experience unemployment rate" was 7.6% in 2022. This report provides annual unemployment instead of the monthly unemployment rate released by the BLS throughout the year.
Tag: employment
Fed Chair Powell: Inflation Fight Will Take ‘A significant Period of Time’ (Macro News for February 4, 2023 – February 10, 2023)
The employment report released on February 3, 2023 shows the U.S. economy created 517,000 new jobs in January and the unemployment rate was 3.4%. The strong jobs report surprised most economists, including Federal Reserve Chair Jerome Powell. After the report was released, Powell stated that the tight labor market was a primary reason the Fed believes getting inflation under control would take "a significant period of time."
Massive Jobs Surprise: US Economy Added 528,000 Jobs in July (Macro News for August 6, 2022 – August 12, 2022
The July 2022 U.S. jobs report shows the economy added 528,000 jobs, far more than the expected 250,000 jobs. The U.S. unemployment rate fell to 3.5%, matching the 50-year low rate set in February 2020. President Biden quickly took credit for the job growth and stated it was the “result of my economic plan to build the economy from the bottom up and the middle out.”
Jobless Claims Match 1968 Low (Micro News for April 9, 2022 – April 15, 2022)
The U.S. labor shortage continues as jobs far outnumber available workers. New Labor Department data back this claim up with new claims for unemployment benefits falling to 166,000 in the week that ended April 2, 2022. Economists projected the number would be around 200,000. The low number of claims tied with the week ending March 19, 2022, which was the “lowest level since November 1968.”
Pearson Economic News 