August Unemployment Rate Improves — Gallup

The latest Gallup tracking survey on US unemployment puts the unadjusted US unemployment rate at 8.1% in August, down from 8.2% in July, and sharply down from 9.2% in August of 2011. On a seasonally adjusted basis, the Gallup survey puts the August unemployment rate at 8.1%, up from an adjusted rate of 8% in July.

The underemployment rate remained flat in August, at an unadjusted rate of 17.1%, equal to July’s reading and the lowest number Gallup has recorded since it began its tracking survey in 2010. The number of part-time workers seeking full-time employment rose slightly to 9% in August, down from 9% in August 2011.

The percentage of workers with full-time employment for an employer remained near July’s all-time high of 66.6% at 66.5%. The workforce participation rate rose from 67.6% in July to 68.1% in August. Last August the participation rate was 67.4%.

Gallup concludes that tomorrow’s report from the Labor Department on non-farm payrolls will remain flat at best, showing a US unemployment rate of 8.2%. The survey concludes:

The decline in unemployment seen earlier in the year has not been sustained, with unadjusted unemployment flat over the past three months. Although there is no longer a net loss of jobs, employers are not adding enough jobs to dramatically reduce the unemployment rate.

Paul Ausick