7月非农：失业率降至4.1%但劳动力参与率下滑，就业市场表面改善实则疲弱
Is Falling Unemployment Masking a Weaker Job Market? | Presented by CME Group
[music] July's jobs report showed a labor market that continues to weaken beneath the surface. [music] Onfarm payrolls fell by 23,000 yet the unemployment rate actually improved to 4.1% from 4.2% in June. The problem is why it improved. Labor force participation slipped again, falling to 61.4% 4% from 61.5% while another 264,000 people left the civilian labor force. We saw the same thing in June when unemployment improved largely because fewer people were participating in the workforce.
[音乐] 七月份的就业报告显示，劳动力市场表面之下持续走弱。[音乐] 非农就业人数减少了2.3万，但失业率实际上从六月份的4.2%改善至4.1%。问题在于改善的原因。劳动力参与率再次下滑，从61.5%降至61.4%，同时又有26.4万人离开了民用劳动力队伍。我们在六月份也看到了同样的情况，当时失业率改善主要是因为参与劳动力的人数减少了。
July extended that trend. Weak or negative job growth combined with a falling unemployment rate because people are leaving the workforce is not a sign of a healthy labor market. Participation has now fallen.7 percentage points since January. And until that reverses, a declining unemployment rate is likely to make the labor market look stronger than it really is. [music]
七月份延续了这一趋势。就业增长疲软或负增长，加上因人们离开劳动力队伍而导致的失业率下降，并不是劳动力市场健康的标志。自一月份以来，参与率已下降了0.7个百分点。除非这一趋势逆转，否则失业率的下降可能会使劳动力市场看起来比实际情况更强劲。[音乐]
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