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Employment jumps in June

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Employment jumps in June

288,000 jobs created during month; unemployment rate drops to 6.1%.

Total nonfarm payroll employment rose by 288,000 in May, and the unemployment rate fell to 6.1%, the U.S. Bureau of Labor Statistics reported today. Consensus estimates had expected an increase of 212,000 new jobs.

Job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places, and health care.

The good news was tempered somewhat by the continued historically low employment participation rate, which was unchanged in June, and which is the primary reason the unemployment rate has fallen over the past couple of years.

Additionally, the number of involuntarily part-time workers jumped 275,000 in June, suggesting that while new jobs are being created, the nature of those jobs may be suspect.

The number of unemployed persons decreased by 350,000, to 9.5 million. 

Over the prior 12 months, the number of unemployed persons has declined 2.3 million, while the unemployment rate has declined by 1.4 percentage points.

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The full report can be found here.

 

 

 


 

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