National Unemployment Rate is Steady at 3.8%

3.8%

The national unemployment rate is steady at 3.8% like last year, but local variations matter. In June, El Centro, CA, had the highest rate at 16.9%, while Baltimore, MD, had a low 1.7%. Strong job markets were seen in California, MD, Manchester, NH, and Portsmouth, NH, all at 1.7%. 

81%  

Around 81% of workers think a four-day workweek would enhance productivity, according to Fishbowl by Glassdoor survey. Among 1,000 full-time office workers, 94% are open to switching, with 57% eager. About a third accept pay cuts and 77% might switch jobs for a shorter workweek, citing improved balance (96%) and productivity (88%), while 6% have concerns. Notably, 1 in 5 already work fewer hours on Fridays. 

248,000  

Last week, initial unemployment filings in Texas increased compared to the previous week, with new jobless claims rising to 16,565 from 14,396. U.S. unemployment claims also rose to 248,000, marking a 21,000 increase from the previous week's 227,000 claims, seasonally adjusted. This increase suggests a potential fluctuation in the job market. 

187,000 

The US job market has recovered to pre-pandemic norms, adding 187,000 jobs in July, slightly above the pre-pandemic average. Revised June figures at 185,000 jobs and lowered numbers for May and June imply a gradual labor market cooling, potentially aiding the Federal Reserve in managing inflation without major layoffs. 

18%   

Boston's Rapid7 cybersecurity firm is set to reduce 18% of its global workforce, around 470 jobs, aiming to enhance efficiency and cut costs. The restructuring, expected to cost $24 million to $32 million, will be mostly completed by its fiscal fourth quarter, and some office closures will add an extra $4 million.