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What industries are hiring and why?
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A closer look at latest employment numbers
- Duration 2:34
- Date Aug 3, 2012
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Transcript
This transcript is automatically generated
Take a closer look inside the numbers at who is hiring and why.
Here's chief Washington correspondent James Rosen.
With 38000 hires last month the education and health services sectors accounted for nearly a quarter of the 163000.
Jobs the US economy added in July.
The Bureau of Labor Statistics report also showed restaurants and bars having added almost 30000 jobs manufacturing posted gains of 25000 the best showing since March.
Retailers however -- just 7000 new workers companies seem a little more willing to hire right now and we're saying it.
Pretty much across the -- wasn't anyone sacked error credit is still very cautious these numbers aren't great.
We need numbers north of 200000.
Jobs be created a month.
To start to see significant improvement.
In terms of the jobless rate and in terms of the overall situation.
And for the year -- twelve the number of jobs created per month has averaged 151000.
Good enough to keep pace with population growth.
It's enough to bring.
The unemployment rate down painfully -- late is better than expected and if we continued at that rate he would bring the unemployment rate down.
Gradually.
In the survey of households that produced July's eight point 3% unemployment rate the ratio of employment to population and the rate of participation in the labor force both dropped.
Four indicators for any economy about one out of seven Americans now -- doesn't have a job.
It's -- looking for a job or can't find a full time job those are.
Those are abysmal numbers next Tuesday the bureau of labor statistical -- -- survey of job openings and labor turnover.
The last numbers covering the month of may showed just about three and a half million job openings that's down from the good times of mid 2007 but up from the dark days of mid 2009.
Still you could be forgiven for wondering why those three and a half million open jobs in a country were so many people remain desperate for work.
Aren't being filled more swiftly.
The answer economists say has to do with the snowball affect the average length of the persons unemployment is growing longer and in that time workers' skills atrophy and the become inherently less suitable for new jobs.
It's a result of -- recession how long -- class and all the more reason why we need to get the unemployment rate down sooner rather than later.
Among those hardest hit by this non recovery recovery.
Veterans for all veterans dating back to World War -- the unemployment rate stands at six point 9% -- for veterans of the wars in Afghanistan and Iraq.
That figure rises to the point 9% -- higher than the national average.
It's very disappointing James thank you very much.
