The July 2013 employment situation summary was released by the Department of Labor this morning and the news is mixed – the unemployment rate dropped to 7.4 percent from 7.6 percent in June, but hiring missed expectations. The last time the nation saw an unemployment rate lower than 7.5 percent was in December 2008, when unemployment was at 7.3 percent.
According to MarketWatch, economists predicted that 180,000 new jobs would be created last month but the initial report shows only 162,000 new jobs. Of course, this number could be revised upward in the coming months but as it stands now, the economic recovery is more like a turtle than a hare.
Slow and steady wins the race, unless you’re one of the millions of Americans that are underemployed or have simply given up hope of finding full time work. Unemployment rates vary by population and range from 5.7 percent to 23.7 percent:
- Adult females: 6.5 percent
- Adult males: 7.0 percent
- Teens: 23.7 percent
- African-Americans: 12.6 percent
- Hispanics: 9.4 percent
- Whites: 6.6 percent
- Asians: 5.7 percent