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288,000 New Jobs in June Add Up to 2.5 Million This Year, Most in Eight Years

| July 3, 2014

us unemployment june 2014

Click on the graph for larger view. (© FlaglerLive)

Released a day early, ahead of the Independence Day holiday, the unemployment numbers for June beat economists’ expectations by a wide margin as 288,000 jobs were created, and April and May figures were revised upward by 29,000 jobs. The last three months’ job-creation total is a robust 816,000, and the year’s job creation totals 2.5 million, the best performance since the Great Recession.

The unemployment rate fell to 6.1 percent, the lowest level since September 2008. Florida’s unemployment rate went up to 6.3 percent in May, with a decline in net job creation of 17,900. Flagler County’s unemployment went up to 8.6 percent, but the county has been adding jobs steadily, and increasing its labor force.

Unlike in previous months, the bright jobs picture in June was the result of more people getting jobs and fewer people losing them–as opposed to more people dropping out of the labor force.

Although there were 325,000 fewer unemployed people in the nation in June, there are still 9.5 million people out of work, and that figure only reflects the officially unemployed. It does not take into account workers who have dropped out of the workforce, or the 7.5 million people who work part-time because their hours have been cut back, or because they cannot find full-time work: anyone who registers a single hour of work in the previous month is reported as employed, which tends to distort the numbers.

When the under-employed and those who have dropped out of the workforce are included in the tabulation, the unemployment and under-employment rate is 12.1 percent nationally, according to the Bureau of Labor Statistics. That’s a slight improvement over last month’s 12.2 percent rate, and a considerable improvement over the year-ago rate of 14.2 percent. In Florida, the unemployment and under-employment rate is 14.3 percent, well above the national average.

Nationally, the number of long-term unemployed (jobless for 27 weeks or more) declined by 293,000 in June to 3.1 million. These individuals accounted for 32.8 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has decreased
by 1.2 million. The civilian labor force participation rate, however–an indication of underlying strengths of the job market–was 62.8 percent for the third consecutive month, and still well below the 66 percent average of pre-recession months. The employment-population ratio, at 59 percent, ticked up by a decimal point, but remains below its January 2007 peak of 63.3 percent.

“There has been a lot of rumbling that the economy is starting to burst out of its shell, with robust, above-trend growth really arriving for the first time in five years of recovery,” Neil Irwin cautioned this morning in The Times. “And that may be true! But if this halting, sluggish recovery has taught us anything, it is to not let our assessments of the economy be driven by hope, but rather by sustained and credible improvement in a wide range of economic data.”

Thomas Perez, the U.S. Secretary of Labor, also mixed satisfaction with admonition in a statement this morning. “Now is the moment to further invigorate our economy,” Perez said, “by rewarding hard work with fair wages; by pursuing paid leave and other policies that provide security for working families; by upgrading our nation’s aging infrastructure; by investing in apprenticeship and training programs that prepare people for jobs that are available right now. But on too many of these issues, Congress continues to sit on its hands instead of working constructively with President Obama to move the nation and the economy forward. Its refusal to extend emergency unemployment benefits has cut off nearly 3 million people who are trying their hardest to find work.”

A few highlights: Employment in professional and business services rose by 67,000 in June. Retail trade added 40,000 jobs, led by 12,000 in motor vehicle and parts dealers, 8,000 in building material and garden supply stores, and 7,000 in electronics and appliance stores. Employment in food services and bars rose by 33,000, for a total of 314,000 over the past year. Health care employment increased by 21,000, transportation and warehousing by 17,000, financial activities by 17,000, with a gain in real estate and rental and leasing of 9,000. Manufacturing added 16,000 jobs in June, with all of the increase in durable goods
manufacturing. Within durable goods, employment increased in motor vehicles and parts (6,000) and in computer and peripheral equipment (3,000). Wholesale trade added 15,000 jobs. Mining and logging, construction, information, and government saw little change.

The average workweek for all employees on private payrolls was 34.5 hours for the fourth straight month. Both the manufacturing workweek, at 41.1 hours. Average hourly earnings rose by 6 cents to $24.45, following a 6-cent increase in May. Over the past 12 months, average hourly earnings have risen by 2 percent, still not enough to overcome increases in health insurance costs, energy and other inflationary costs.

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7 Responses for “288,000 New Jobs in June Add Up to 2.5 Million This Year, Most in Eight Years”

    • Pogo says:

      Mullah Bozell’s little drum rattling about “the labor force” is beyond irony.

      Google this – Bozell+ghost writer – and you’ll get the joke better. DDSO stuff…

    • The Truth says:

      Which has been trending since 1999 as baby boomers are retiring. You also cited a source that has a severely skewed view on what’s happening in our country…

  1. Outsider says:

    Talk about skewed views; the Secretary of Labor is blaming congress for sitting on their hands. Harry Reid is preventing most bills passed in the House from seeing the light of day in the Senate to the point even some Dems are complaining, albeit only because Election Day is approaching. How about that Keystone pipeline folks?

  2. sauce says:

    All part time gains and full time losses

    But jobs are jobs … right…?

  3. confidential says:

    These jobs data seems like just a bone thrown way to an emaciated hungry dog aka our country’s economy!
    While we still import almost all that we consume thanks to the greedy corporations use of slave labor in Asia and not paying taxes here!
    While the Oil Barons keep gouging us at the pump, a la Exxon taking 9 billion profit just alone in their last quarter.
    While now we try to buy appliances or electronic gadgets at times when the lying label reads “Made in the USA” and are actually made in China.
    While the GOP and the rich convince themselves that: “We rich people … have convinced ourselves that we are the main job creators” “It’s simply not true. There can never be enough superrich Americans to power a great economy.”–mistakenly–worried-about-the-middle-class-151842954.html
    While all the above is allowed to continuo without us all taking a stand and defeat it, our economy and deterioration of the middle class will get further down the sewers.

  4. confidential says:

    @ Outsider how would you like to have the Keystone Pipe running under your house? Because when it breaks is not just a one rail car spill is an unstoppable spill maybe for hours, days or even weeks and all for the greedy oil export and then make possible for oil barons like Exxon keep gouging us at the pump while exporting most of the oil and making even more than 9 billion per quarter in earnings?
    I totally agree with our ranchers and native tribes that oppose that dirtier and heaviest of the oils in those pipes production running thru their lands and for export. They outsource our clean manufacturing taking away millions of our jobs to Asia and bring in the highest pollution production to contaminate our land for just very few hundreds jobs! How more dumb could we be rooting for this shame?

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