The economy added 224,000 in June, which was way up from the paltry 75,000 jobs…
The economy added 224,000 in June, which was way up from the paltry 75,000 jobs gained in May, the U.S. Bureau of Labor Statistics reports
Both the unemployment rate, at 3.7 percent, and the number of unemployed persons, at 6.0 million, changed little in June.
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.4 million in June and accounted for 23.7 percent of the unemployed.
The labor force participation rate, at 62.9 percent, was little changed over the month and unchanged over the year. This isn’t so good: In fact, it has dropped steadily from 65.7 percent in January of 2009. In August of 1999 it was 67 percent.
In June, 1.6 million persons were marginally attached to the labor force, little different from a year earlier. 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. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.
Among the marginally attached, there were 425,000 discouraged workers in June, little changed from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
The remaining 1.1 million persons marginally attached to the labor force in June had not searched for work for reasons such as school attendance or family responsibilities.
In June, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $27.90, following a 9-cent gain in May.
Over the past 12 months, average hourly earnings have increased by 3.1 percent.