Economic Statistics for 7 Jun 13
Here are today’s statistics on the state of the economy:
The BLS reports that 175,000 net new jobs were created in May, while the unemployment rate rose a tick to 7.6%. The U-6 unemployment rate, the government’s broadest measure on unemployment, actually fell a tick to 13.8%. The labor force participation rate was little changed at 63.4%, though 420,000 workers entered the labor force. The average for weekly hours remained unchanged at 34.5 hours, while the average hourly earnings rose a penny to $23.89. The "real" unemployment rate, as I calculate it using the historical average for labor force participation, fell 0.13% to 11.41%. Overall, a lackluster report showing no substantial gains in the employment market.
Revolving credit is not moving much, but non-revolving credit—mainly from strong increses in auto sales—moved up sharply, resulting in an increase in overall consumer credit to $11.1 billion in April from $8.0 billion in March.