June Employment Report: 224,000 Jobs Added, 3.7% Unemployment Rate
From the BLS:
Total nonfarm payroll employment increased by 224,000 in June, and the unemployment rate was little changed at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in professional and business services, in health care, and in transportation and warehousing.
The change in total nonfarm payroll employment for April was revised down from +224,000 to +216,000, and the change for May was revised down from +75,000 to +72,000. With these revisions, employment gains in April and May combined were 11,000 less than previously reported.
In June, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $27.90, following a 9-cent gain in May. Over the past 12 months, average hourly earnings have increased by 3.1 percent.
Click on graph for larger image.
The first graph shows the monthly change in payroll jobs, ex-Census (meaning the impact of the decennial Census temporary hires and layoffs is removed - mostly in 2010 - to show the underlying payroll changes).
Total payrolls increased by 224 thousand in June (private payrolls increased 191 thousand).
Payrolls for April and May were revised down 11 thousand combined.
This graph shows the year-over-year change in total non-farm employment since 1968.
In June, the year-over-year change was 2.301 million jobs.
The third graph shows the employment population ratio and the participation rate.
The Labor Force Participation Rate was increased in June to 62.9%. This is the percentage of the working age population in the labor force. A large portion of the recent decline in the participation rate is due to demographics and long term trends.
The Employment-Population ratio was unchanged at 60.6% (black line).
I'll post the 25 to 54 age group employment-population ratio graph later.
The fourth graph shows the unemployment rate.
The unemployment rate was increased in June to 3.7%.
This was above the consensus expectations of 165,000 jobs added, however April and May were revised down by 11,000 combined.
I'll have much more later ...