The June 2017 Jobs Report was released by the government's Bureau of Labor Statistics this morning, July 7. This is a strong report, seeming to reverse the weakness seen in the prior few months. Again, one month does not make a trend, and this report, while strong, is not better than most of the job reports during the Obama years.
The economy has been adding jobs consistently for 7 years. In fact, in 45 of the 84 months between early 2010 and the end of the Obama Presidency, 200,000 or more jobs have been added.
The job reports under Trump (since February) seem to continue this trend of consistent addition of jobs and decline in the unemployment rate.
June 2017 Job Report Highlights:
- The economy added 222,000 jobs, a below average number of new jobs, and the unemployment rate grew slightly slightly by 0.1% to 4.4% due to people entering the labor force and finding jobs.
- Over the past 3 months, job gains have averaged 194,000 per month. Over the past 12 months, job gains have averaged 186,500 per month.
- The number of employed people INCREASED by 245,000. The number of unemployed people INCREASED by 116,000 as 361,000 people joined the labor force, meaning that they either started working or started looking for work. That is a NET number.
- 355,000 MORE people are working full-time and 224,000 MORE people were working part-time in June.
- There were 187,000 MORE private sector jobs, and 35,000 MORE government jobs in June.
- The alternate unemployment rate (U-6) increased to 8.6% this month. A year ago the U-6 rate was 9.6%.
- The Labor Force participation rate has been VERY stable since 2014, varying between 62.4% and 63%. It was 62.8% in June, increasing 0.1% since May, but rising 0.1% over the past year.
- Remember that there is NO ideal labor force size, and most of the overall decrease in the labor force participation RATE over the last few years has been due to Baby Boomers retiring in great numbers.
From the BLS report:
The change in total nonfarm payroll employment for April was revised up from +174,000 to +207,000, and the change for May was revised up from +138,000 to +152,000. With these revisions, employment gains in April and May combined were 47,000 more than previously reported. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. Over the past 3 months, job gains have averaged 194,000 per month.
June 2017 reports: (Notation on the links will be changed to "UPDATED for June" when the updated reports become available later today or over the weekend. Not all reports are updated every month.)
- What Was the Unemployment Rate When Obama Took Office? When Trump took office? (compared to today)?
- How Many Jobs Created or Lost Under Trump? - Full-time vs. Part-time? -
- Democrats rock at full-time job creation! -
- How Many Jobs Have Been Created in 2017? -
- Jobs Lost/Gained Year by Year Since 1999 -
- 93 Million People Not in the Labor Force? Who are those people? Latest update is for April 2015
More highlights and reports will continue to be posted here over the coming days and weeks. Please check back!
June 2017 Job Report Highlights:
The change in total nonfarm payroll employment for April was revised up from +174,000 to +207,000, and the change for May was revised up from +138,000 to +152,000. With these revisions, employment gains in April and May combined were 47,000 more than previously reported. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. Over the past 3 months, job gains have averaged 194,000 per month.
More highlights and reports will continue to be posted here over the coming days and weeks. Please check back!
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