What You Usually See in an Unemployment Rate Report

The US Department of Labor releases a monthly report of unemployment every first Friday of the month. The unemployment rate of the nation is done on a monthly basis because it is a lagging indicator of a country’s economic growth. Determining the figures is not an easy task. It is done by making surveys to 60,000 households in 250 metropolitan areas. Therefore a huge number of surveyors amounting to 2,000 execute the surveys in order to get the most accurate figures. It is measured by calculating the number of people actively seeking for jobs versus the total number of the employed and unemployed. It does not take into account people who are not looking for work, the institutionalized, and those currently serving in the military.

When numbers come in, a summary report is released through media every first Friday of the month. You may read that on newspapers or the official website of the Department of Labor, and are also featured in news channels. What are highlighted on the unemployment rate summary report? They are as follows:

1. Unemployment Rate. Normally, the percentage is highlighted first whether it fell or rose the previous month. They present the number of people unemployed and the balance in number versus the previous month. Specific figures re indicated.

2. An analysis of worker groups is also highlighted. The report will showcase the changes in unemployment with adult males, adult women, teenagers, whites, blacks, Hispanics, and Asians.

3. Figures are also presented among (a) job losers, (b) people who completed temporary jobs, and (c) jobless people for 27 weeks or more.

4. A figure on total nonfarm payroll employment is also shown. When we say nonfarm, this represents several sectors in the economy including health care, leisure, hospitality, temporary help services, retail trade, goods production and manufacturing which may or may not increase employment over the previous month. You will be presented with which industries have provided a number of new jobs.