NEW YORK — The U.S. Bureau of Labor Statistics released Friday the latest unemployment numbers for July.
The jobless rate fell to 5% in the U.A.E., the lowest level since September 2015, the BLS said.
That was the lowest unemployment rate since the start of the Great Recession in January 2009, according to the bureau.
The jobless were at 4.3% in April and 4.7%, according to BLS.
A total of 10.3 million people were unemployed in July.
But the jobless dropped to 5%.
The unemployment rate has been falling for months and in some cases for years.
In August, the U of A reported that unemployment fell to 4.5% and in November it was 4.1%.
At the same time, the joblessness rate has stayed stubbornly low.
BLS data also showed that the unemployment rate decreased to 4% in September and 4% on Oct. 1, but the BIS reported in October that the number of unemployed fell to 8.9 million.
On Friday, the unemployment number dropped to 4%.
A separate report from the BIL showed that private payrolls rose by a seasonally adjusted annual rate of 2.6% in August and a seasonately adjusted annual increase of 0.6%.
But, in the final week of July, the Labor Department reported that private jobs fell for a second straight month and total payrolls fell for the sixth consecutive month.
This is the first time in three months that the labor force has been growing faster than the overall economy.
We are at the peak of a new recession.
It is very possible that we will be in another one, said Mark Zandi, chief economist at Moody’s Analytics.
In a separate report Friday, BLS President William Dudley said the unemployment figure was unchanged in July but the unemployment and underemployment rate were higher than the previously reported.
“The labor force participation rate remained at 64.6 percent in July,” Dudley said.
“The unemployment measure remained unchanged at 4 percent, and the underempired measure was unchanged at 7.3 percent.”
In July, more than a quarter million people who were actively looking for work were out of the labor market.
Dudley said the BES would likely release revised estimates of the U-6 unemployment rate for July and other jobs figures on Friday.
Meanwhile, unemployment is rising.
Jobless claims are up 8.4% in January from a year ago, according the Bureau of Labour Statistics.
The U-5 unemployment rate rose to 4%, the highest since October 2008, while the U2 unemployment rate stood at 8.5%.
Meanwhile on Friday, Bank of America CEO Brian Moynihan announced that the bank was buying $300 million in U.K. mortgage backed securities and $400 million in Treasurys.
Moynihan said he expects that the purchases will reduce the U3 rate to 5-7% and that the U4 rate to 4-5%.
The purchases come on the heels of a report from Morgan Stanley, which said in July that U.C. Berkeley’s business school has cut its estimate of the impact of Brexit to 1-3% and 1-2% for 2020, 2020 and 2024, respectively.
The Bank of England raised interest rates again Friday, raising rates on four-year bonds and five-year notes to 1.75%, 2.75% and 3.75%.
The central bank said the move was to help stabilize the economy, but it also signaled that the central bank would have to consider a range of policy changes in the months ahead.
At one point, the central banks interest rate is set at zero percent for the duration of the global financial crisis.
Fed Chair Janet Yellen said Thursday that she would likely raise rates again when the economy starts to heal.
With rates at historically low levels, Yellen suggested in a statement that the Fed’s inflation target will have to be raised, which could mean the Fed is likely to hike rates in the second half of the year, which is not unheard of.
Yellen also said that she was likely to raise rates in September or October as a way to make sure that there was “enough money available to support our policy and monetary decisions.”