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Wednesday, July 2, 2014

June 2014 Unemployment Rate Jobs

June 2014 Jobs Numbers and Unemployment Rate were released this morning, Thursday, July 3, 2014.  Details and analysis will be presented throughout the day.
  • A very positive report, with a significant addition of jobs, The BLS reports that 288,000 payroll jobs were added in June, higher than the projected range of new jobs.
  • May jobs numbers were revised upwards by 7,000 and April numbers were revised upwards  by 22,000.  Job growth has averaged 208,000/month over the past 12 months.  
  • Private jobs increased by 262,000.  Construction jobs increased by 6,000; manufacturing jobs increased by 16,000.   Private service-producing jobs increased by 236,000.  Unfortunately, the biggest gains continue to be in lower-paying and temporary areas, such as Retail, Temporary Help Services, and Food Services and Drinking Places.
  • Government jobs increased by 26,000, with 18,000 of those additions in the "Local Government/Education" sector.   This is a welcome turn around compared to the past few years in this sector.
  • The unemployment rate dropped significantly to 6.1%  This rate drop was due to people finding work.  The number of people unemployed declined by 325,000; the number of people employed increased by 407,000; the number of people in the civilian labor force increased by 81,000.  (The unemployment rate comes from a different source than the number of jobs which is why the unemployment rate can increase even if the number of jobs increases.  Over time, these two numbers closely parallel each other.  The unemployment rate, however, is much more volatile than the jobs numbers.  Also, the unemployment rate is not directly related to the number of people getting unemployment benefits.  This is one of the biggest employment myths out there. MORE HERE.)   
  • The alternate unemployment rate (which includes part time workers who want full time jobs, discouraged workers, and marginally attached workers) DECREASED to 12.1%, a decrease of .1%, one-tenth of a percent. One year ago the alternate unemployment rate was 14.2%.   Most alternate unemployment measures dropped significantly in June; however, the number of involuntary part-time workers increased by 275,000, however, the biggest increase since March 2014.  
  • The number of people employed, including agricultural and self-employed, decreased 407,000 in seasonally adjusted numbers in June, but, in unadjusted "raw" numbers, it increased by 706,000 in June.  Full-time workers decreased by 523,000 in June, while part-timer workers increased 799,000.  This is the first decrease in the number of full-time workers and the first increase in the number of part-time workers in several months.  
  • The number of discouraged workers declined slightly over the past month and significantly over the past year.  (This number is not seasonally adjusted.)There were 676,000 discouraged workers in June, a decrease of 351,000 from a year earlier and a decrease of 21,000 from May.
  •  Since the "trough" of the recession in late 2009/early 2010 in seasonally adjusted numbers:
    • 9.1 million MORE jobs in total
    • 9.7 million MORE private sector jobs
    • 8.2 million MORE people working
    Since Bush left office & Obama took office (January 2009) in seasonally adjusted numbers:
    • 4.8 million MORE jobs in total
    • 5.5 million MORE private sector jobs
    • 4.1 million MORE people working

June 2014 reports to be published: (Notation on the links will be changed to "June" or "Updated for June" when the updated reports become available.) 

The following June Jobs Projections were posted earlier in the week:
  • ADP, the private payroll service, estimated a whopping 281,000 new private sector jobs in June.

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