July jobs report: Hiring picks up, unemployment rises – Aug. 3, 2012

July jobs report: Hiring picks up, unemployment rises – Aug. 3, 2012.

The government’s monthly jobs report comes from two separate surveys: one that looks at employer payrolls, and the other which questions households. Those two reports went in opposite directions in July, confusing the overall reading on the job market.

Normally, the Jobs report are revised later to give a clearer picture of labor force gains or declines. This is due to the large complex sets of data that need to be fully ‘digested’ in order to truly have a unanimous count of job figures.

While Friday’s report gives us an official count of jobs added, the Private Payroll Services Company ADP had reported two days ago that the economy had added 163,000 jobs. The numbers were close enough to each other to believe that any revision will be minimal.

New York State’s Jobs report will be released soon, giving us a clearer picture of the Labor Market in New York.

Any increase or decrease in the Unemployment Rate affects Unemployment Benefits in New York, as the chart below shows:

** Benefits under EUC Tiers 2, 3 & 4 and under EB are available only when the Total Unemployment Rate (based on a 3-month average) meets required levels. In addition, EB is available only when the Total Unemployment Rate is at least 110% of the average for any or all of the corresponding three-month periods ending in the three preceding calendar years.

Program Rate
EUC Tier 2 at least 6% (applies as of June 2012)
EUC Tier 3 at least 6%, increasing to 7% in June 2012
EUC Tier 4 at least 8.5%, increasing to 9% in June 2012
EB Regular (13 weeks) at least 6.5%
EB High (7 weeks) at least 8%
  • UI = Regular Unemployment Insurance Benefits
  • EUC = Emergency Unemployment Compensation
  • EB = Extended Benefits
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