US added 288,000 jobs in June...Unemployment down to 6.1% (from 6.3%)

[Engineer]

http://www.cbsnews.com/news/employment-report-u-s-added-288k-jobs-in-june/

and

http://finance.yahoo.com/news/payrolls-u-rise-more-forecast-123001522.html

Much higher than expected on the jobs additions. Not sure whether the jobs added were anything more than service sector jobs (still reading). Incomes ticked up .2% (not a good enough pace to push the economy IMO). May's jobs were revised up from 217,000 to 224,000.

Factories took on the most new jobs in 4 months.

The so-called participation rate, which indicates the share of the working-age people in the labor force, held at 62.8 percent. This tells me that the number of people entering the workforce minus those leaving the workforce basically equaled the 288,000 (does this sound right?).

Factory Hiring

Today's Labor Department's payrolls report also showed factory hiring increased by 16,000 in June. Employment at private service-providers jumped 236,000. Retailers took on 40,200 employees.

Average hourly earnings rose by 0.2 percent for a second month, to $24.45 in June from the prior month, and increased 2 percent over the past 12 months. The average work week for all workers held at 34.5 hours.

Also note there was a drop in the trade deficit but no details on that yet.

 

[JManInPhoenix]

job creation is always better than job loss - I'll take it.

 

[networkman]

Surprise - another posting of fake numbers that don't add up. And which will probably be corrected in a month's time due to some report that didn't get filed on time or whatever excuse they choose out of a hat again.

 

[Genx87]

It is a continuation of a run up in the economy. Income ticked up and unemployment is down. I think we are setting ourselves up for a nice run on the back half of this presidency.

 

[fskimospy]

Surprise - another posting of fake numbers that don't add up. And which will probably be corrected in a month's time due to some report that didn't get filed on time or whatever excuse they choose out of a hat again.

Damn, I was about to post "in before some idiot declares the numbers are all lies". I was too late.

 

[glenn1]

Good news. I don't know how much of these things can be attributable to what happens in DC, but good going to Congress and Obama regardless.

 

[fskimospy]

http://www.cbsnews.com/news/employment-report-u-s-added-288k-jobs-in-june/

Much higher than expected on the jobs additions. Not sure whether the jobs added were anything more than service sector jobs (still reading). Incomes ticked up .2% (not a good enough pace to push the economy IMO). May's jobs were revised up from 217,000 to 224,000.

Factories took on the most new jobs in 4 months.

The so-called participation rate, which indicates the share of the working-age people in the labor force, held at 62.8 percent. This tells me that the number of people entering the workforce minus those leaving the workforce basically equaled the 288,000 (does this sound right?).

Incomes actually increased 2%, not .2%. So ten times as much!

2% wage increase is actually pretty good, but you have to remember that comes after a long period of basically no wage increases so there's a lot of lost ground to make up.

 

[networkman]

Damn, I was about to post "in before some idiot declares the numbers are all lies". I was too late.

Sticks and stones.

 

[nehalem256]

Surprise - another posting of fake numbers that don't add up. And which will probably be corrected in a month's time due to some report that didn't get filed on time or whatever excuse they choose out of a hat again.

Perhaps like for May?

May's jobs were revised up from 217,000 to 224,000

 

[momeNt]

Surprise - another posting of fake numbers that don't add up. And which will probably be corrected in a month's time due to some report that didn't get filed on time or whatever excuse they choose out of a hat again.

Not necessarily. Part time work is at an all time high in our economy.

Hopefully to accommodate this surge in part time work landlords are looking ahead and renovating/building places that accommodate multiple families at lessened costs. So group bathrooms, kitchens, laundryrooms on the same floor. Ultra economy places could be set up more like military barracks. This would help the part time work force be able to spend less money on rent, and more on other things that go to improve quality of life.

It's going to be important to keep the part time work force, and the unemployed content in the coming generations, as they will represent more and more of the population.

 

[Engineer]

Incomes actually increased 2%, not .2%. So ten times as much!

2% wage increase is actually pretty good, but you have to remember that comes after a long period of basically no wage increases so there's a lot of lost ground to make up.

From the Yahoo article....

Hourly Earnings

Average hourly earnings rose by 0.2 percent for a second month, to $24.45 in June from the prior month, and increased 2 percent over the past 12 months. The average work week for all workers held at 34.5 hours.

 

[Zebo]

Uh huh adjust for population and its flat. Ill wait for labor participation rate comes. usually lets wind out of sails.

Oh and how many additional government leeches were added by caring and housing for illegals?

Again - I'm not optimistic

 

[fskimospy]

Not necessarily. Part time work is at an all time high in our economy.

Hopefully to accommodate this surge in part time work landlords are looking ahead and renovating/building places that accommodate multiple families at lessened costs. So group bathrooms, kitchens, laundryrooms on the same floor. Ultra economy places could be set up more like military barracks. This would help the part time work force be able to spend less money on rent, and more on other things that go to improve quality of life.

It's going to be important to keep the part time work force, and the unemployed content in the coming generations, as they will represent more and more of the population.

Actually, part time workers have been steadily declining as a proportion of our economy. There was a big and unsurprising spike when the financial crash happened, but it's been on a downward trend afterwards.

 

[Engineer]

It's going to be important to keep the part time work force, and the unemployed content in the coming generations, as they will represent more and more of the population.

Yes, it's called welfare, Medicaid, negative taxation (EIC), other government assistance programs. Of course, the half paying for it all cries like babies over it. The real way to fix it is to get better paying, non McService jobs back and quit trying to import our way to prosperity. Damn, I said it and I'm sure that the usual people here will get their panties in a wad and start foaming at the mouth over it.

 

[fskimospy]

From the Yahoo article....

Ah yes, you're right. I was referring to the yearly rate. Sorry for any confusion.

 

[Engineer]

Uh huh adjust for population and its flat. Ill wait for labor participation rate comes. usually lets wind out of sails.

As I said above, it stayed the same.

 

[Engineer]

Ah yes, you're right. I was referring to the yearly rate. Sorry for any confusion.

No problem. However, 2%, if not accounting for inflation, is actually behind the curve on inflation (which is running north of 2% right now). I still wonder if the 2% if after inflation or before inflation.

 

[fskimospy]

No problem. However, 2%, if not accounting for inflation, is actually behind the curve on inflation (which is running north of 2% right now). I still wonder if the 2% if after inflation or before inflation.

It's inflation adjusted.

 

[fskimospy]

As I said above, it stayed the same.

It went up by about 80,000 people, but that wasn't enough to budge the percentages.

 

[Engineer]

It went up by about 80,000 people, but that wasn't enough to budge the percentages.

Thanks for the clarification. I had not looked at the numbers, only heard the percentage on CNBC.

 

[Engineer]

It's inflation adjusted.

I have a hard time believing that the average wage went up more than 4% last year (before inflation). Maybe the top (1%'ers) are skewing the bottom?

Need to look at the median wages I suppose....

 

[Engineer]

Uh huh adjust for population and its flat. Ill wait for labor participation rate comes. usually lets wind out of sails.

Oh and how many additional government leeches were added by caring and housing for illegals?

Again - I'm not optimistic

Private sector accounted for 262,000 of the 288,000 jobs.

 

[Jaskalas]

Decent job growth... Feels like counting low tide while waiting for the Tsunami.

 

[Engineer]

More stuff....

The monthly snapshot of the U.S. job market released by the Department of Labor Friday was cause for modest celebration: 288,000 more jobs were added to the economy in June, reducing the unemployment rate by one-fifth of a percentage point to 6.1 percent. With data revised for April and May, 29,000 more jobs were created than previously reported. April's revision shows 304,000 jobs were added, the biggest increase since January 2012.

Wall Street analysts expected 215,000 jobs to be created last month and unemployment at 6.3 percent, the same level as May. June marks the fifth consecutive month with job gains above 200,000, which hasn’t happened since the second half of 1999. Economists typically estimate that the U.S. must create about 200,000 jobs a month to absorb new working-age Americans; anything above that helps extend jobs to the existing unemployed.

In May, the economy recovered the 8.7 million jobs lost in the 2007-2009 Great Recession, but the nation has a long way to go to meet the demands of a workforce that has grown larger in the past five years. And the jobs pay less; wage growth is barely keeping up with inflation. Average hourly earnings increased by 6 cents to $24.45 in June. Wages have risen 2 percent over the past 12 months.

The number of long-term unemployed, defined as anyone who has been out of work for at least six month, declined by 293,000, to 3.1 million. They now account for just under a third of all job seekers.

But the labor force participation rate, defined as Americans who are employed or actively seeking jobs, was unchanged for the third consecutive month, at 62.8 percent, a low unseen since the Carter administration.

Employment growth was strongest in business and professional services, retail, food establishments and health care.

Manufacturing employment added a tepid 16,000 jobs in June, fuelled largely by the ongoing rebound in the automotive sector. Construction jobs remained flat.

The average workweek held steady for the fourth consecutive month at 34.5 hours.
Related

Construction has added back only 25% of what it lost during the recession. I know manufacturing has added back a token amount but far less than what it once had. Probably only temporary but who knows......

 

[senseamp]

Good job, Obama. Why? Because he would be blamed if unemployment went up, so he should get credit when it goes down.