The U.S. economy is picking up after the coronavirus pandemic!
The June jobs report revealed the economy added 4.8 million jobs while the jobless rate fell to 11.1%
From the Labor Department:
The unemployment rate declined by 2.2 percentage points to 11.1 percent in June, and the number of unemployed persons fell by 3.2 million to 17.8 million. Although unemployment fell in May and June, the jobless rate and the number of unemployed are up by 7.6 percentage points and 12.0 million, respectively, since February.
The unemployment rate among major workgroups also fell:
Asians remained about the same at 13.8%.
The unemployed numbers continue to go down. It decreased by 4.8 million in June after a 2.8 million decline in May, but the number of permanent job losses continued to increase:
The number of unemployed persons who were on temporary layoff decreased by 4.8 million in June to 10.6 million, following a decline of 2.7 million in May. The number of permanent job losers continued to rise, increasing by 588,000 to 2.9 million in June. The number of unemployed reentrants to the labor force rose by 711,000 to 2.4 million. (Reentrants are persons who previously worked but were not in the labor force prior to beginning their job search.) (See table A-11.)The number of unemployed persons who were jobless less than 5 weeks declined by 1.0 million to 2.8 million in June. Unemployed persons who were jobless 5 to 14 weeks numbered 11.5 million, down by 3.3 million over the month, and accounted for 65.2 percent of the unemployed. By contrast, the number of persons jobless 15 to 26 weeks and the long-term unemployed (those jobless for 27 weeks or more) saw over-the-month increases (+825,000 to 1.9 million and +227,000 to 1.4 million, respectively). (See table A-12.)
The participation rate rose “by 0.7 percentage point in June to 61.5 percent.” That is lower by 1.9 percentage points from February.
Those who want a job also declined:
The number of persons not in the labor force who currently want a job, at 8.2 million, declined by 767,000 in June but remained 3.2 million higher than in February. These individuals were not counted as unemployed because they were not actively looking for work during the last 4 weeks or were unavailable to take a job. (See table A-1.)Persons marginally attached to the labor force–a subset of persons not in the laborforce who currently want a job–numbered 2.5 million in June, little different from the prior month. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 681,000 in June, essentially unchanged from the previous month.
The major economic sectors all added jobs:
Some negatives include a decrease in average hourly earnings for all employees. That went down 35 cents to $29.37.
The average workweek went down by 0.2% to 34.5 hours. The manufacturing workweek increased by 0.5 hours to 39.2 hours.
CLICK HERE FOR FULL VERSION OF THIS STORY