Labor Force

The US labor force is characterized by its diverse nature. As per the estimate for the year 2007, total labor force in the United States amounts to153.1 million.

Sectoral classification of the US labor force is crucial in the context of overall economic performance of the United States. Fishing, forestry, and farming sectors together absorb 0.6% of the total US labor force. Transportation, manufacturing, crafts, and extraction account for 22.6% of labor force in the United States. Technical, managerial, and professional sectors contribute 35.5% of the US labor force. Sales and office jobs account for 24.8% of the total labor force in the United States. Other Services absorb 16.5% of the US labor force.

As per the estimated figure for the year 2007, unemployment rate in the US stands at 4.6%. According to the recently published report of the Bureau of Labor Statistics of the United States Department of Labor, the figure of national unemployment rate in June 2008 has been 5.5%. Nonfarm payroll employment has recorded a growth in 30 US states and in the District of Columbia, from the month of May to June in 2008; whereas, 20 US states recorded a decrease in employment.

Texas recorded maximum increase in employment (+47,000) over one month period. The corresponding figures for the states of Michigan, Wisconsin, Ohio, Oklahoma, and New York are +16,700, +8,200, +7,900, +7,700 and +7,300 respectively. The state of Montana registered +0.6% increase in employment, which is the highest percentage rate of employment growth attained by any US state over-the-month. Each of Oklahoma and Texas recorded a significant +0.5% increase in employment over-the-month; whereas, each of Michigan and Alaska registered +0.4% increase in employment over the one month period from May to June. Louisiana, Wisconsin, and the District of Columbia each recorded +0.3% growth in employment level over-the-month.

When it comes to decrease in employment, it is the State of Florida, which recorded maximum decrease (-22,300). Corresponding figures for Georgia, California, Arizona, and Illinois have been -14,000, -12,800, -7,600, -6,100 respectively. Mississippi and Kansas each registered highest percentage decrease in the level of employment over-the-month at the rate of -0.4%. North Dakota, Nevada, Iowa, and Kentucky each experienced -0.3% over-the-month decline in employment level.

As far as the seasonally adjusted regional unemployment is concerned, the West and Midwest regions of the United States experienced the highest rates of unemployment, 5.9% and 6.1% respectively. The rates of regional unemployment have been comparatively low in the Northeast and South regions.