June unemployment report is a cause for concern
The report for June is bad news for US employment in several areas. We will cover the highlights.
Private employers added on 83,000 jobs. Total non farm payrolls drops by 125,000 workers as 225,000 census workers were let go. Also both manufacturing hour declined which signal slack demand and inventory fill-ups were completed.
Finally the average hourly wage dropped by 2 cents to $22.53.
The construction industry employment dropped by 22,000 jobs.
The general unemployment rate dropped to 9.5% because 652,000 people gave up looking for work and dropped out of the civilian labor force. The number of discouraged workers was 1.2 million up from 414,000 a year ago. Discouraged worked are persons who are not looking for work because they believe there are no jobs available for them.
The general unemployment rate (U-3) dropped to 9.5% because of a reduced labor force
The unemployment rate for Blacks stayed at 15.4% and 12.4% for Hispanics. The estimate U-6 for black hovered around 22% with drops in black unemployment and general jobs seekers.
On average 125,000 to 150,000 new jobs are needed to keep pace with population growth and maintain a stable unemployment rate.
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