According to its latest survey, Gallup reports that the unadjusteUS unemployment rate fell from 8.3% in April to 8.2% in mid-May. The research firm’ mid-month survey on unemployment has tracked official Bureau of Labor Statistics data pretty closely except for this past February and April, when Gallup data has indicated a slightly better unemployment rate than the official numbers.
The latest report indicates that the US economy continues to grow at a slow pace, but perhaps more troubling, the percentage of US workers who participate in the workforce fell from 67.8% in March to 67.5% in mid-May. As workers drop out of the workforce, unemployment rates fall to reflect the lower participation rate.
Based on Gallup’s report, there’s little reason to expect a significant drop — or jump — in official US unemployment data when it comes out early next month. Gallup appears to be correct that companies hired new employees earlier this year and that the traditional April and May bump in new jobs has already happened. Unfortunately, there is not a lot of optimism about hiring over the summer either, even though the number of workers should increase and the unemployment rate should fall. But big improvements don’t appear to be on the horizon.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
