Thursday, July 03, 2014

June Employment Report: 288,000 Jobs, 6.1% Unemployment Rate

by Calculated Risk on 7/03/2014 08:30:00 AM

From the BLS:

Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate declined to 6.1 percent, the U.S. Bureau of Labor Statistics reported today.
...
The change in total nonfarm payroll employment for April was revised from +282,000 to +304,000, and the change for May was revised from +217,000 to +224,000. With these revisions, employment gains in April and May were 29,000 higher than previously reported.
Payroll jobs added per monthClick on graph for larger image.

The first graph shows the monthly change in payroll jobs, ex-Census (meaning the impact of the decennial Census temporary hires and layoffs is removed to show the underlying payroll changes).

This was the fifth month in a row with more than 200 thousand jobs added, and employment is now up 2.495 million year-over-year.

Total employment is now 415 thousand above the pre-recession peak.

unemployment rateThe second graph shows the employment population ratio and the participation rate.

The Labor Force Participation Rate was unchanged in June at 62.8%. This is the percentage of the working age population in the labor force.   A large portion of the recent decline in the participation rate is due to demographics.

The Employment-Population ratio increased in June to 59.0% (black line).

I'll post the 25 to 54 age group employment-population ratio graph later.

Employment Pop Ratio, participation and unemployment ratesThe third graph shows the unemployment rate.

The unemployment rate declined in June to 6.1%.

This was another solid employment report, and 2014 is on pace to be the best year for employment gains since 1999.

I'll have much more later ...