Unemployment Rate Dips to 9.1% for Trucking Adds Jobs

Unemployment, as defined by the International Labour Organization, occurs when people are without jobs and they have actively looked for work within the past four weeks. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labour force.

The U.S. unemployment rate declined a tenth of a point in July to 9.1%, while the economy added 117,000 jobs to payrolls, the Labor Department said Friday.Trucking added 1,300 workers, while the total transportation and warehousing sector grew by 1,100 jobs, Labor figures showed.

“I was very pleasantly surprised by the top-line figure of 117,000, said Bob Costello, chief economist for American Trucking Associations. “Based on other economic data, I thought the number would be closer to 75,000.”

Costello noted that for-hire trucking had its smallest job gain since January but said that number is often subject to significant revision later when the government reviews its initial reports.

Trucking has been creating a decent amount of jobs this year, at a faster pace than the overall economy, so, if it does slow down a bit, that wouldn’t be surprising or alarming,” he said.

Economists had forecast the unemployment rate would hold steady at June’s level of 9.2%, Bloomberg reported.

The payrolls gain followed a revised 46,000 increase in June that was more than originally reported.

The payroll and unemployment figures are obtained by separate surveys, with payrolls from a survey of employers and the unemployment rate from a survey of households.