Record 157,288,000 Employed in July
CNSNews.com) - The number of people employed in the United States hit a record 157,288,000 in July, according to the employment report released today by the Bureau of Labor Statistics.
That was up 283,000 from the 157,005,000 employed in June.
The unemployment rate held steady in July at 3.7 percent, the same as it was in June.
According to the employment report, the civilian noninstitutional population in the United States was 259,225,000 in July. That included all people 16 and older who did not live in an institution (such as a prison, nursing home or long-term care hospital). Of that civilian noninstutional population, 163,351,000 were in the labor force, meaning that they either had a job or were actively seeking one during the last month. That equaled a labor force participation rate of 63.0 percent--an increase from 62.9 percent in June.
Of the 163,351,000 who were in the labor force, 6,063,000 were unemployed, equaling an unemployment rate of 3.7 percent.
The other 157,288,000 did have jobs, yielding last month’s record number of people employed.
Not Winning
Families Go Deep in Debt to Stay in the Middle Class
Wages stalled but costs haven’t, so people increasingly rent or finance what their parents might have owned outright
The American middle class is falling deeper into debt to maintain a middle-class lifestyle.
Cars, college, houses and medical care have become steadily more costly, but incomes have been largely stagnant for two decades, despite a recent uptick. Filling the gap between earning and spending is an explosion of finance into nearly every corner of the consumer economy.
Consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation. Mortgage debt slid after the financial crisis a decade ago but is rebounding.
Student debt totaled about $1.5 trillion last year, exceeding all other forms of consumer debt except mortgages.
Auto debt is up nearly 40% adjusting for inflation in the last decade to $1.3 trillion. And the average loan for new cars is up an inflation-adjusted 11% in a decade, to $32,187, according to a Wall Street Journal analysis of data from credit-reporting firm Experian.
Unsecured personal loans are back in vogue, the result of competition between technology-savvy lenders and big banks for borrowers and loan volume.
The debt surge is partly by design, a byproduct of low borrowing costs the Federal Reserve engineered after the financial crisis to get the economy moving. It has reshaped both borrowers and lenders. Consumers increasingly need it, companies increasingly can’t sell their goods without it, and the economy, which counts on consumer spending for more than two-thirds of GDP, would struggle without a plentiful supply of credit.
Student debt totaled about $1.5 trillion last year, exceeding all other forms of consumer debt except mortgages.
Auto debt is up nearly 40% adjusting for inflation in the last decade to $1.3 trillion. And the average loan for new cars is up an inflation-adjusted 11% in a decade, to $32,187, according to a Wall Street Journal analysis of data from credit-reporting firm Experian.
Unsecured personal loans are back in vogue, the result of competition between technology-savvy lenders and big banks for borrowers and loan volume.
The debt surge is partly by design, a byproduct of low borrowing costs the Federal Reserve engineered after the financial crisis to get the economy moving. It has reshaped both borrowers and lenders. Consumers increasingly need it, companies increasingly can’t sell their goods without it, and the economy, which counts on consumer spending for more than two-thirds of GDP, would struggle without a plentiful supply of credit.
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