Unemployment Rate and Key Data from an Employment Report

On a monthly basis, specifically every first Friday month, the US Department of Labor releases its Employment Report which highlights key determining factors that affect employment across the country. The most important figure taken into account by economists and investors alike is the unemployment rate. It gives them a vision as to how the business in general is performing across the country based on the number of jobs available for workers. To achieve this, surveys are done to as many as 60,000 households in 250 highly urbanized areas. A total of 2,000 employees are deployed to these areas to conduct the surveys. To arrive at the rate of unemployment for a month, the data gathered from the surveys are extracted in order for the department to divide the total number of people looking for jobs in those households with the total number of the labor force (people holding jobs and people looking for jobs). Speaking of unemployed people, they do not include in their surveys jobless people who are not actively seeking for jobs, are institutionalized, or are currently serving in the military.

Aside from the unemployment rate, there are other key figures that are taken into consideration which helps economists review the current economic condition of the country. Usually, a summary report is presented first by stating whether or not the unemployment rate fell or rose the previous month. It is also compared to the figure from the same month of the previous year.

Another highlight in the summary report is the specific figures among groups of workers. Changes in unemployment are analyzed among:

1. adult males,
2. adult women,
3. teenagers,
4. whites,
5. blacks,
6. Hispanics, and
7. Asians.

At the same time, a figurative and indicative analysis is also made among:

1. job losers,
2. people who completed temporary jobs, and
3. Jobless people for 27 weeks or more.

Other factors looked into are specific business sectors that have provided lesser or more jobs in the job market and the total number of nonfarm payroll observed among many industries like:

1. health care,
2. leisure,
3. hospitality,
4. temporary help services,
5. retail trade,
6. goods production and
7. Manufacturing.