The number unemployed remained at 6.0 million in June, and the unemployment rate fell slightly. The working-age population grew to 266,800 thousand, and the employment-to-population ratio and labor force participation rate remained steady at 60.3 percent and 62.6 percent respectively. Discouraged workers decreased, but those employed part time for economic reasons increased.—bls.gov
Category: MAT3
Monitoring Macroeconomic Performance
Keywords: GDP, Real GDP, Employment, Unemployment, Natural unemployment, Full employment, Price level, Inflation rate
Parkin 14e Chapters 4, 5
Bade-Parkin 9e Chapters 5, 6, 7
Parkin-Bade Canada 11e Chapters 4, 5
Parkin-Bade Australia 2e Chapters 5, 6, 7
Parkin-Powell-Matthews 11e Chapters 20, 21
Cheaper Eggs and Gas Lead Inflation Lower in May
The annual inflation rate in May was 4%, a significant drop from the 9.1% annual inflation rate reported last summer. Excluding food and energy prices, “core” inflation was 5.3% for the 12 months ending in May.—npr.org
The Employment Situation—May 2023
The unemployment rate in May increased by 0.3 percentage points over April to 3.7 percent. The number of unemployed persons rose by 440,000 to 6.1 million but the number employed decreased by 310,000. The labor force participation rate held at 62.6 percent in May.—bls.gov
Argentines Buckle Under 103% Inflation
Argentines say that the current 102.5%-and-climbing inflation rate is making it almost impossible to get by. Consumers substitute cheaper products and every trip to the supermarket is a reminder of the country's inflationary crisis, the worst since 1991 when a period of hyperinflation ended. —reuters.com
Strong US Job Growth Persists
The unemployment rate rose to 3.6% in February from 3.4% in January. The increase occurred as the labor force increased by 419,000, lifting the participation rate to 62.5%, from 62.4% in January.—reuters.com Additional Data: In February 2023, the size of the labor force was 166,251,000.—Bureau of Labor Statistics
January CPI Inflation Rate Slows
Ahead of January’s CPI release, the Bureau of Labor Statistics published new weights for certain categories, a process it undergoes every two years. Moving forward, it will update the weights every year. With the new changes, housing accounts for 44.4% of the index, up from 42.4%, and the food weight fell to 13.5% from 13.9%.—usatoday.com
Jobs Report Shows Increase of 517,000 in January
In January 2023, the unemployment rate fell to 3.4%, and the labor force participation rate edged up to 62.4%. The broader underemployment rate that includes discouraged workers and those holding part-time jobs for economic reasons edged up to 6.6%. The working-age population increased by 1,118,000—cnbc.com
Gross Domestic Product, Fourth Quarter
Real gross domestic product increased at an annual rate of 2.9 percent in the fourth quarter of 2022. The increase in real GDP reflected increases in investment, consumer spending, and government spending, that were partly offset by decreases in exports. Imports decreased. Current‑dollar GDP increased 6.5 percent at an annual rate.—bea.gov
Prices Fell in December as Inflation Continues to Moderate
Consumer prices decreased by 0.1% in December compared to November. The closely watched inflation gauge also showed that year-over-year prices continued to cool last month, slowing to 6.5%, from 7.1% in November. Stripping out food and energy prices, core CPI came in at 5.7%, down from November’s 6% annual rate.—cnn.com
November Jobs Report
U.S. employers added 263,000 jobs in November as hiring remained sturdy. The unemployment rate held steady at 3.7% but the labor force participation rate edged down to 62.1%, leaving it well below the pre-pandemic level of 63.4%.—USA Today