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Employment Jittery in June

Mon, July 08, 2024 4:06 PM | Anonymous member (Administrator)

June’s BLS jobs report was mixed with a moderate 206,000 new positions. (Above the 130-150,000 range estimated increase needed on a monthly basis to stay-up with growing demographics).  However, for construction, the non-seasonally adjusted unemployment rate dropped to only 3.3 percent for June, consistent with heightened seasonal workloads. [The new unemployment figure is down 0.6 basis points vs. May ‘24; but is smaller 0.3 basis points from last June’s level of 3.6%].  Construction added 27,000 jobs in June, higher than the average monthly gain of 20,000 over the prior 12 months.

The general unemployment level, increased another 0.1 basis points to 4.1 percent. (“Unemployed persons” was also up to 6.8 million per the government count).  Meanwhile, the “labor force participation rate” rose to 62.6 percent. [NOTE: The “labor force participation” rate “typically” works inversely to the overall unemployment figures. Meaning: as it deteriorates/gets worse or smaller, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer counted as unemployed by the DOL). The “employment to population ratio” remained at 60.1 percent. [Both measures haven’t reached their preCovid levels yet; if people were actually seeking jobs, the unemployment rate would be approximately 5.0% ].  Average hourly earnings continued to increase breaking the thirty dollar mark, at $30.05 for private sector production and non-supervisory employees.  SEE Workforce Statistics Chart

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