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Friday, July 02, 2021

June Employment Report: 850 Thousand Jobs, 5.9% Unemployment Rate

by Calculated Risk on 7/02/2021 08:42:00 AM

From the BLS:

Total nonfarm payroll employment rose by 850,000 in June, and the unemployment rate was little changed at 5.9 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services.
...
The change in total nonfarm payroll employment for April was revised down by 9,000, from +278,000 to +269,000, and the change for May was revised up by 24,000, from +559,000 to +583,000. With these revisions, employment in April and May combined is 15,000 higher than previously reported.
emphasis added
Year-over-year change employmentClick on graph for larger image.

The first graph shows the year-over-year change in total non-farm employment since 1968.

In June, the year-over-year change was 7.919 million jobs.  This was up significantly - since employment collapsed in April 2020.

Total payrolls increased by 850 thousand in June.  Private payrolls increased by 662 thousand.

Payrolls for April and May were revised up 15 thousand, combined.

Employment Recessions, Scariest Job ChartThe second graph shows the job losses from the start of the employment recession, in percentage terms.

The current employment recession was by far the worst recession since WWII in percentage terms, but currently is not as severe as the worst of the "Great Recession".

The third graph shows the employment population ratio and the participation rate.

Employment Pop Ratio, participation and unemployment rates The Labor Force Participation Rate was unchanged at 61.6% in June, from 61.6% in May. This is the percentage of the working age population in the labor force.

The Employment-Population ratio was unchanged at 58.0% from 58.0% (black line).

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

unemployment rateThe fourth graph shows the unemployment rate.

The unemployment rate increased in June to 5.9% from 5.8% in May.

This was above consensus expectations, and April and May were revised up by 15,000 combined.

I'll have more later ...