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The Bureau of Labor Statistics today said that the American economy added 206,000 jobs in June. The prime-age labor force participation rate hit a 22-year high. The unemployment rate remains low at 4.1%. Jobs increased in government, health care, social assistance, and construction. Both the unemployment rate, 4.1%, and the number of unemployed people, 6.8 million, changed little. These measures are higher than a year earlier, when the jobless rate was 3.6 % and the number of unemployed people was 6.0 million.
“This strong jobs report demonstrates another month of steady, stable economic growth, said Acting Secretary of Labor Julie Su. “Employment gains were widespread across industries, with notable growth in health care, social assistance, construction and local government. Increased employment in these sectors is not only meaningful for workers and their families, but these jobs will improve the lives of all Americans as cities and towns hire more first responders, firefighters, librarians and other city workers.”
Quick Summary
- The number of long-term unemployed (those jobless for 27 weeks or more) rose by 166,000 to 1.5 million in June. This measure is up from 1.1 million a year earlier. The long-term unemployed accounted for 22.2% percent of all unemployed people in June.
- The labor force participation rate changed little at 62.6% in June. The employment-population ratio held at 60.1% percent. These measures showed little or no changeover the year.
- The number of people employed part time for economic reasons, at 4.2 million, changed little in June. These individuals, who would have preferred full-time employment, were working part-time because their hours had been reduced or they were unable to find full-time jobs.
- The number of people not in the labor force who currently want a job declined by 483,000 to5.2 million in June. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
- Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.5 million, was essentially unchanged in June. These individuals 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. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, edged down to 365,000 in June.
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“Too many Americans are still feeling squeezed by the cost of the living. I’m fighting to lower costs by taking on corporate price gouging, capping the cost of insulin and prescription drugs, and calling on Congress to lower rent by building 2 million new homes. Congressional Republicans have a different vision that sides with billionaires and special interests and will supercharge inflation. They’ll impose high consumer tariffs that will cost middle class families thousands of dollars each year, give a giant tax cut to the wealthy, repeal the Affordable Care Act, and allow big corporations to keep ripping off Americans. While they fight for Park Avenue, I’ll keep fighting for working families like the ones I grew up with in Scranton,” said President Biden in a White House statement.
Biden Administration Sets Job Creation Record at 15.7 million
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The Bureau of Labor Statistics today said that the American economy added 206,000 jobs in June. The prime-age labor force participation rate hit a 22-year high. The unemployment rate remains low at 4.1%. Jobs increased in government, health care, social assistance, and construction. Both the unemployment rate, 4.1%, and the number of unemployed people, 6.8 million, changed little. These measures are higher than a year earlier, when the jobless rate was 3.6 % and the number of unemployed people was 6.0 million.
“This strong jobs report demonstrates another month of steady, stable economic growth, said Acting Secretary of Labor Julie Su. “Employment gains were widespread across industries, with notable growth in health care, social assistance, construction and local government. Increased employment in these sectors is not only meaningful for workers and their families, but these jobs will improve the lives of all Americans as cities and towns hire more first responders, firefighters, librarians and other city workers.”
Quick Summary
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“Too many Americans are still feeling squeezed by the cost of the living. I’m fighting to lower costs by taking on corporate price gouging, capping the cost of insulin and prescription drugs, and calling on Congress to lower rent by building 2 million new homes. Congressional Republicans have a different vision that sides with billionaires and special interests and will supercharge inflation. They’ll impose high consumer tariffs that will cost middle class families thousands of dollars each year, give a giant tax cut to the wealthy, repeal the Affordable Care Act, and allow big corporations to keep ripping off Americans. While they fight for Park Avenue, I’ll keep fighting for working families like the ones I grew up with in Scranton,” said President Biden in a White House statement.