Saturday, July 6, 2013

US Economy Adds 195,000 Payroll Jobs in June; Voluntary Part-Time Work Increases

The U.S. labor market continued to strengthen in June, according to the latest data from the Bureau of Labor Statistics. Strong June data and upward revisions for April and May put payroll job gains for the second quarter of 2013 ahead of those for the first three months of the year. The unemployment rate remained unchanged as both the labor force and the number of employed workers grew. Involuntary part-time work fell to its lowest level since early 2009, and long-term unemployment also fell to a low for the recovery.

The economy gained 202,000 private-sector payroll jobs in June. Most of those came in the service sector, although goods-producing industries also gained slightly. The government sector as a whole lost 7,000 jobs, but trends differed strongly by level of government. The federal government lost 5,000 jobs, continuing a long decline. State governments reduced payroll employment by 15,000 jobs, but that was almost fully offset by a gain of 13,000 jobs in local government.

As the following chart shows, payroll job gains were revised upward from data first reported for April and May. The revisions raise the total number of payroll jobs added in Q2 2013 to 535,000, significantly more than the 481,000 added in the first quarter. The good quarterly job data provide a reason for optimism regarding Q2 GDP, for which the first estimate is due at the end of the month.

The unemployment rate for June remained steady at 7.6 percent, near its low for the recovery. The unemployment rate is the ratio of unemployed persons to the civilian labor force. The labor force grew by 177,000 in the month, the number of employed by 160,000 and the number of unemployed by 17,000. These data are based on a separate household survey that does not always agree with the survey of employers on which the payroll jobs data are based. The two differ partly because of sampling error and partly because the payroll jobs data exclude farm workers and the self-employed. >>>Read more

Follow this link to view or download a classroom-ready slideshow with charts of the latest employment data

1 comment:

  1. I agree with the data and facts you have listed above and because of that many people wants to working from home