A Report On The Unemployment Rate Essay

797 Words Sep 5th, 2015 4 Pages
FBRNY unemployment forecast continues to positively correlate with the current and future of the economy relative to my forecast. Similar to the modest growth level of my projections through 2017, the FBRNY forecast expects that the unemployment rate to moderately decline and reach about 5 percent by the end of 2016. They believe that that the labor force participation rate and average weekly hours worked will remain near current levels with productivity growth increasing back up toward its longer-term trend (“The New York Fed Staff Forecast”, 2015). Moreover, the US Economy Added 215K Jobs in July American payrolls increased by 215,000 in July, and the unemployment rate was unchanged at 5.3 percent. Job gains occurred in retail trade, health care, professional and technical services, and financial activities (“Jobs increase by 215k in July”, 2015). Comparatively, the Unemployment Rate in the United States decreased to 5.10 percent in August from 5.30 percent in July of 2015 and brought the US Unemployment Rate at 7-1/2 Year Low. The jobless rate in the US declined to 5.1 percent and total nonfarm payroll employment increased by 173,000 in August. It is the lowest unemployment rate since April 2008 as the number of unemployed edged down to 8 million. The number of persons unemployed for less than 5 weeks decreased by 393,000 to 2.1 million with 624,000 discouraged workers, down by 151,000 from a year earlier. The average workweek for all employees on private nonfarm payrolls…

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