U.S. unemployment, as measured by Gallup without seasonal adjustment, was 7.9% in mid-July, down 0.1 percentage points from June and May. Gallup’s seasonally adjusted unemployment rate also declined 0.1 points, to 7.7% in mid-July.
These results are based on Gallup Daily tracking surveys conducted from June 15 to July 15, including interviews with more than 30,000 U.S. adults — 68.0% of whom are active in the workforce. Gallup’s seasonally adjusted unemployment rate incorporates the adjustment used by the U.S. Bureau of Labor Statistics in the same month of the previous year.
On both an unadjusted and an adjusted basis, the mid-July unemployment readings, if sustained the rest of the month, would be the lowest monthly rates since Gallup began tracking unemployment daily in January 2010. Gallup’s adjusted unemployment rate incorporates the downward seasonal adjustment of 0.2 points the BLS applied in July 2011. Gallup’s unadjusted unemployment rate for July 2011 was 8.8% and the adjusted rate was 8.6% — both substantially higher than they are now.
And, underemployment has decreased to the lowest levels since 2010.
There has NOT been any dramatic improvement in the American unemployment rate for the past three months. Although the rate is a little better than last year, it is not good news for folks looking for a job or incumbent politicians