The U.S. unemployment rate stubbornly hover around 8.3 percent according to the latest estimates from the U.S. Bureau of Labor Statistics. The unemployment rate is fluctuating between 8.1 percent and 8.3 percent so far this year. However, it is still lower than the highest rate of 10 percent encountered in October 2009. The jobless rate in the U.S. is based on much smaller sample of 60,000 households.
The private sector added 172,000 jobs in July 2012 continuing the upward momentum gained within the past 29 months. The nonfarm payroll in July 2012 increased by 163,000, largest employment gain since February 2012. This puts the U.S. average monthly employment gains at 151,000 a month so far this year somewhat similar to 2011 average of 153,000 for the same time period. However, the government sector employment continued its slide but at a slower rate.
In order to continue the unemployment rate lower, the nonfarm payroll should add 150,000 to 200,000 a month according to Ben Bernanke, the Chairman of the Federal Reserve Bank. It appears that we are still at the lower end of the expectation and the rate of unemployment will sure to play a major role in the upcoming presidential election.