The number of Americans in the workforce hit an all-time high in July; smashing expectations as the Democratic presidential primary season enters full-swing.
“The number of people employed in the United States hit a record 157,288,000 in July,” reports CNS News. “That was up 283,000 from the 157,005,000 employed in June.”
“According to the employment report, the civilian noninstitutional population in the United States was 259,225,000 in July. That included all people 16 and older who did not live in an institution (such as a prison, nursing home or long-term care hospital). Of that civilian noninstutional population, 163,351,000 were in the labor force, meaning that they either had a job or were actively seeking one during the last month. That equaled a labor force participation rate of 63.0 percent–an increase from 62.9 percent in June,” adds the website.
The report comes days after the Federal Reserve cut interest rates for the first time since the Great Recession of 2008.
“The Federal Reserve lowered its benchmark rate by a quarter-point Wednesday as an insurance policy not against what’s wrong with the economy now, but what could go wrong in the future. It was the first rate cut by the central bank in a decade,” reports CNBC.
“Amid President Donald Trump’s intense political pressure and persistent market expectations, the policymaking Federal Open Market Committee dropped the target range for its overnight lending rate to 2% to 2.25%, or 25 basis points from the previous level,” adds the website.
“This action supports the Committee’s view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain,” writes the Federal Open Market Committee.
Read the full report here.