Unemployment rose again last quarter but remains under 4%. It has now been under 4% for 16 of the last 17 quarters. Interestingly, the number of employed people also increased last quarter but more people came into the workforce who were previously not looking for work. So, workforce participation grew faster than employment grew, meaning more people were officially unemployed, even though more people had jobs. Fun with numbers, people 🙂
The number of unemployment beneficiaries is at a record low. There are just 17,710 people on the unemployment benefit now and 70% have been on the UB less than a year*.
[* to head off the tired old claims: overall working age benefit numbers continue to fall, down 1% last year, even as the working age population grew 1%. The portion of adults on a benefit fell from 9.3% to 9.1% in the last year. It was 16% in 1999]