Jul 07, 2017
Putting U.S. Employment Numbers in Context – June 2017
Post by Freedom Partners
This morning, the Bureau of Labor Statistics (BLS) reported that the unemployment rate for June 2017 was 4.4 percent and that the economy added 222,000 jobs.
Today marks the fifth full monthly report for the Trump administration, and total monthly job gains have averaged 173,000 during that time.
Despite the strong job growth, millions of Americans are still struggling to find work, and an additional 107,000 individuals are being forced to work part-time.
The good news is that Washington has a once-in-a-generation opportunity to enact comprehensive tax reform that encourages growth and helps improve the lives of millions of Americans, as well as institute bold, pro-growth policies that curb overspending and reduce regulatory burdens for businesses and individuals.
Below is a deeper look at the numbers from today’s report and what they say about the state of the U.S. economy and labor market.
Unemployment by the Numbers
4.4%: The unemployment rate increased to 4.4 percent during June, up from 4.3 percent in May 2016.
6,977,000: The total number of unemployed individuals during June was 7 million, up from 6.9 million in May.
222,000: The economy added 222,000 jobs during June, up from 152,000 jobs added during May. The number of jobs added during April was revised up to 207,000 from the 174,000 reported last month.
13,885,000: The total number of individuals “underemployed” was 13.9 million during June 2017. This includes those individuals who are unemployed (7 million), those who want a job but are no longer looking for work (1.6 million) and those individuals who are working part-time because no other work was available (5.3 million).
8.6%: The “underemployment” or “real unemployment” rate was 8.6 percent during June 2017. Real unemployment increased 0.2 percentage points from May 2017.
7.1%: The African American unemployment rate decreased to 7.1 percent last month, down from 7.5 percent during May.
4.8%: The Hispanic unemployment rate decreased to 4.8 percent during June 2017.
361,000: The civilian labor force increased 361,000 during June 2017.
62.8%: The Labor Force Participation Rate was 62.8 percent during June 2017.
1,664,000: The number of individuals unemployed for longer than 27 weeks was 1.7 million during June. The total number of long-term unemployed increased 1,000 from May 2017.
5,326,000: The number of individuals forced to work part-time because no full-time work was available was 5.3 million during June, up from 5.2 million from May.
1,582,000: The number of individuals who attempted to look for a job at some point in the last year but have given up their search was 1.6 million during June 2017.
682,000: There were 682,000 unemployed first-time job entrants during June 2017. These individuals entered the labor market for the first time and were unable to find work.
25 Weeks: The average number of weeks it took job seekers to find work stayed the same at 24.7 weeks in June.
7.1%: The millennial unemployment rate (18-29) increased to 7.1 percent in June. When adjusting for pre-recession 2007 labor force participation rates, this figure increases to 10.7 percent.