US Payroll To Population Rate Down Slightly

The Gallup U.S. Payroll to Population employment rate (P2P) was 45.3 percent in August. This is down two-tenths of a percentage point from July, but is even with the rate measured in August 2012, the highest Gallup has measured for any August since tracking began in 2010. P2P rates typically begin leveling off or falling in August after having risen through the spring and summer. This year appears to be no different, though the monthly figures have been higher in 2015 than in the comparable months most previous years. 

The percentage of U.S. adults participating in the workforce in August was 66.9 percent. This is even with the rate measured in July 2015 and in August of last year. Since January 2010, the workforce participation rate has remained in a narrow range, from a low of 65.8 percent to a high of 68.5 percent. But since mid-2013, it has most often remained below 67.0 percent. Workforce participation is defined as the percentage of adults aged 18 and older who are working, or who are not working but are actively looking for work and are available for employment.

Gallup's unadjusted U.S. unemployment rate was 6.3 percent in August, up nominally from July's 6.1 percent and even with the rate measured in August 2014. After years of gradual decline, Gallup's unemployment measurement has not substantially changed from the rate measured a year ago, apart from a temporary seasonal spike in January. 

Gallup's measure of underemployment in August is 14.5 percent, up 0.3 points from July. This rate is still lower than in any month other than July 2015 since Gallup began tracking it daily in 2010. Gallup's U.S. underemployment rate combines the percentage of adults in the workforce who are unemployed (6.3 percent) and those who are working part time but desire full-time work (8.2 percent).