In a tracking survey that estimates the percentage of the U.S. population employed at least 30 hours a week, Gallup reports that the payroll-to-population (P2P) employment rate rose from 43.9% in May to 44.8% in June. The June number is the best so far this year, exceeding a P2P rate of 44.5% in April.
However, the June reading remains well below the 45.7 measured in October 2012, the highest reading in three years.
Gallup's seasonally adjusted unemployment rate in June fell from 8.2% in May to 7.6%. The "official" June number due out Friday from the Bureau of Labor Statistics is expected to drop from May's 7.6% to 7.5%.
According to Gallup, its P2P metric is based on the entire population, not just those in the workforce as is the case with unemployment rate computations, nor does the survey include the self-employed, part-time workers, the unemployed or workers who are out of the workforce.
Gallup said that the full-time self-employment rate fell from 5.5% in May to 5.4%. Perhaps those who were unwillingly self-employed have now found different employment?
Gallup also reported that the workforce participation rate stayed essentially flat month-over-month at 68.5% and up slightly year-over-year from a reading of 68.2% in June 2012. The June underemployment rate came in at 17.2%, below May's 18% reading and slightly lower than the 17.5% rate in June 2012.
Filed under: Economy