According to the U.S. Labor Department’s latest report, the percentage of our U.S. population in the labor force today sits at just below 60%, which is at its lowest point since July 2021. Unemployment rates in this country remain flat, with July’s report showing unemployment at 4.1%. The unemployment rate represents the number of people not in the workforce who are actively looking for work. The difference represents those who are not currently employed or looking for employment. The average hourly earnings for all employees, including salaried employees, on private non-farm payrolls increased year-over-year by 3.2%, to $37.62 per hour. At the same time, the average work week for all employees on private non-farm payrolls remained unchanged at 34.3 hours in July, while manufacturing jobs averaged 40.4 hours.
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