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U.S. economy adds 288,000 jobs in June; unemployment rate at 6.1%

The chart from the White House Council of Economic Advisers based upon Bureau of Labor Statistics data details the change in net private sector jobs by month from Jan. 2008 through June 2014 with June adding 262,000 private sector jobs to the U.S. economy
The chart from the White House Council of Economic Advisers based upon Bureau of Labor Statistics data details the change in net private sector jobs by month from Jan. 2008 through June 2014 with June adding 262,000 private sector jobs to the U.S. economy
CEA/BLS

In June the U.S. economy added 288,000 non-farm payroll jobs and the unemployment rate fell to 6.1 percent, the Department of Labor’s Bureau of Labor Statistics (BLS) reported from Washington, D.C. in its Employment Situation Summary on Thursday.

The April 2014 and May 2014 net job numbers were both revised upward from 282,000 to 304,000 and from 217,000 to 224,000 respectively.

June was the 52nd consecutive month of private sector job growth with a total of approximately 9.7 million net jobs gained within the private sector over that period. White House Council of Economic Advisers chairman Jason Furman noted in his blog on Thursday that the United States is in the longest period of private sector job growth in the last 75 years.

Most of the private sector added jobs for the month for 262,000 net total with the professional and business services, retail trade, leisure and hospitality and education and health services sectors making the strongest gains. Meanwhile, the utilities sector had no growth and the other services sector lost jobs during the month.

The government sector had significant job growth, with 26,000 net jobs added for the month; the federal government (+2,000) and state government (+2,000) has slight gains while local governments increased job growth dramatically (+22,000).

There was fairly positive data in most of the other reported indicators. The number of long-term unemployed dropped by 293,000 to 3.1 million; over the past year the number of long-term unemployed fell by 1.2 million. The civilian labor force participation rate remained steady at 62.8%. Meanwhile, the number of involuntary part-time workers increased in June by 275,000 to a total of 7.5 million. Finally, the number of workers marginally attached to the workforce dropped dramatically by 554,000 to two million and the number of discouraged workers likewise decreased by 351,000 to 676,000.

Following is an approximate breakdown of net job growth within the major private industry sectors and the government sector for June 2014:

• Construction: +6,000
• Financial Activities: +17,000
• Education and Health Services: +38,000
• Information: +9,000
• Leisure and Hospitality: +39,000
• Manufacturing: +16,000
• Mining and Logging: +4,000
• Other Services: -6,000
• Professional and Business Services: +67,000
• Retail Trade: +40,200
• Transportation and Warehousing: +16,600
• Utilities: +0
• Wholesale Trade: +15,100
• Government: +26,000

The average work week for private sector non-farm jobs remained steady at 34.5 hours as did the manufacturing sector average work at 41.1 hours. In June the average hourly wages for all private non-farm employees increased by 6 cents to $24.45. In general, hourly wages have increased on average by 2.0 percent over the past year.

Chairman Furman remarked in his blog on Thursday,

“The 1.4 million jobs added in the first half of this year are the most in any first half since 1999. Furthermore, this is the first time since September 1999-January 2000 we have seen total job growth above 200,000 for five straight months. While today’s jobs report is encouraging, many families are still struggling with long-term unemployment and wages that have been stagnant for decades. The President continues to press Congress to take steps to further strengthen the economy, including passing a transportation bill to avoid jeopardizing hundreds of thousands of jobs later this year. But he will also continue to make progress using his own authority to increase economic opportunity, support wage growth, and ensure America’s workplaces are adapting to the 21st century.”

The “July 2014 Employment Situation Summary” is scheduled to be released by the BLS on Friday, August 1, 2014.

Sources:

Employment Situation Summary.” bls.gov. U.S. Bureau of Labor Statistics. 3 July 2014. Web. 3 July 2014.

Furman, Jason. “The Employment Situation in June.” whitehouse.gov. The White House. 3 July 2014. Web. 3 July 2014.