New Employment Data Shows Little Growth
If you’re looking for good news this morning — maybe an indicator that the country is continuing to make economic progress — The Bureau of Labor Statistics‘ jobs report might not be the best place to look. According to this morning’s report, nonfarm payroll employment was essentially unchanged in June (+18,000 jobs), and the unemployment rate was little changed at 9.2%, with 14.1 million unemployed. In fact, the number of unemployed has increased 545,000 since March and unemployment has actually risen 0.4%. Additionally, May’s job growth, originally reported at 54,000 new jobs, has been adjusted down to 25,000.
Some sectors accounting for job growth:
Employment in professional and technical services increased in June (+24,000). This industry has added 245,000 jobs since a recent low in March 2010.
Health care employment continued to trend up in June (+14,000), with the largest gain in ambulatory health care services. Over the prior 12 months, health care had added an average of 24,000 jobs per month.
In June, employment in mining rose by 8,000, with most of the gain occurring in support activities for mining. Employment in mining has increased by 128,000 since a recent low in October 2009.
Employment in leisure and hospitality edged up (+34,000) in June and has grown by 279,000 since a recent low in January 2010.
Sectors accounting for job losses:
Employment in government continued to trend down over the month (-39,000). Federal employment declined by 14,000 in June. Employment in both state government and local government continued to trend down over the month and has been falling since the second half of 2008.
Construction employment was essentially unchanged in June. After having fallen sharply during the 2007-09 period, employment in construction has shown little movement on net since early 2010.
Within the manufacturing industry, largely flat in June, job gains in fabricated metal products (+8,000) were partially offset by a loss in wood products (-5,000).