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Economy gains 206,000 jobs, but the unemployment rate climbs to 4.1 %

U.S. Employment Report


The nonfarm payrolls grew 206,000 in June, as faster hiring puts more money in the hands of consumers, what usually leads to an increase in spending,
Employment outside the farm sector grew by 206,000 workers in June and the unemployment rate ticked higher to 4.1 %, from 4.0 %, on the seasonally adjusted basis, reported by the Labor Department.


As the year goes on, companies have been hiring at a faster clip as Americans increase spending and consumer confidence rises, economists have seen a steady improvement in the jobs market and recruiting activity.
Current report confirms positive trends in the nonfarm payrolls. Total number of employed persons in the U.S. rose by 0.07 % to 161,20 millions, the health care and social assistance sectors hired 82,400 employees , the temporary help services has lost -48,900 jobs.


At June 2024 Total number of unemployed persons grew to 6.81 millions, an increase of 162.00 thousands or 2.44 % from May 2024, Unemployment rate increased to 4.10 %, from 4.00% in previous month. In June 206,000 nonfarm payrolls were created.


Labor force
Average workweek remained unchanged in June on the seasonally adjusted basis, hours worked at the durable goods manufacturers grew at the highest pace to 46.50 hours, the utilities showed low overall growth to 41.90 hours, reported by the U.S. Labor Department.
Despite modest growth in in hourly earnings, average weekly earnings grew in the private sector to $1,200.50 from $1,197.41 in the previous month, due to unchanged hours worked.

The number of employed persons increased to 161.20 millions by 116.00 thousands or 0.07 % in June 2024.

Total Labor force increased to 168.01 millions.
Average weekly earnings where $1,200.50 dollars, in June 2024


Average Weekly Hours of Production
Details of the June report just added to evidence of a sharp deterioration in labor conditions. Unemployment surged by 2.44 % to 6.81 million, an increase of 162,000 from 6.65 in May on the seasonally adjusted basis.
The number of people entered the labor force in June matched the natural growth rate of U.S. poulation, lifting the percentage of civilians who have or want a job up to 62.60 % from 62.50 %.

 Employement situation (Picture Autor: Flickr by Brad & Sabrina at http://flickr.com/photos/19078064@N00/184665954) Average hourly earnings grew modestly in June by 0.26 % to $35.00, an increase of $0.09 from $34.91 in May on the seasonally adjusted basis, the durable goods manufacturers grew hourly earnings at the highest pace to $35.99, the utilities showed low overall growth to $50.83, reported by the Labor Department.
On a year-over-year basis, earnings were up 4.23 %, This is above the % year-over-year increase in the consumer price index in June.

Construction Industry grew to 39.30 hours per week, from May 2024; Manufacturing Industry rose to 40.20 hours per week, Durable goods Industry increased to 46.50 hours per week, Nondurable goods Industry advanced to 39.50 hours per week.

Average Weekly Hours of Production for private serviceproviding industry remained unchanged from May 2024; Trade, transportation & utilities Industry fell to 33.70 hours per week, from May 2024 .

Financial activities Industry Average Weekly Hours of Production moved up to 37.60 hours per week, from May 2024.


Information Industry Average Weekly Hours of Production went up to 36.60 hours per week, from May 2024; Professional & business services Industry fell to 36.40 hours per week, from May 2024;
Education & health services Industry fell to 33.10 hours per week, from May 2024; Leisure & hospitality Industry remained unchanged from May 2024; Other services Industry remained unchanged from May 2024.





Employment Situation
( in millions or %)
June 2024

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May 2024

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April 2024

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March 2024

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Feb. 2024

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Jan. 2024

prel.
Unemployment rate
4.1 % 4 % 3.9 % 3.8 % 3.9 % 3.7 %
Number of unemployed persons
6.811 6.649 6.492 6.429 6.458 6.124
Number of Employed persons
161.199 161.083 161.491 161.466 160.968 161.152
Employment/population ratio
60.1 % 60.1 % 60.2 % 60.3 % 60.1 % 60.2 %
Civilian labor force
168.009 167.732 167.982 167.895 167.426 167.276
Participation rate
62.6 % 62.5 % 62.7 % 62.7 % 62.5 % 62.5 %
Civilian noninstitutional population
268.438 268.248 268.066 267.884 267.711 267.540
Persons who currently want a job outside CLF
5.234 5.717 5.637 5.443 5.672 5.793
EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)
June 2024
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May 2024
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April 2024
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March 2024
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Feb. 2024
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Jan. 2024
prel.
Nonfarm Payrolls
+206.0 +272.0 +175.0 +303.0 +275.0 +229.0
Total Private Payrolls
+136.0 +229.0 +167.0 +232.0 +223.0 +177.0
Goods-producing Payrolls
+19.0 +25.0 +14.0 +42.0 +19.0 +24.0
Mining & logging
- -4.0 -3.0 +3.0 - -3.0
Construction
+27.0 +21.0 +9.0 +39.0 +23.0 +19.0
Manufacturing Payrolls
+3.0 +3.0 +2.9 +2.9 +3.0 +2.8
Durable goods
-10.0 -2.0 +1.0 +4.0 +2.0 -1.0
Motor vehicles and parts
+5.9 +3.1 -2.1 +6.5 -0.4 +2.4
Nondurable goods
+2.0 +10.0 +7.0 -4.0 -6.0 +9.0
Private service-providing Payrolls
+117.0 +204.0 +153.0 +190.0 +204.0 +153.0
Wholesale trade
+14.2 +3.1 +10.1 +8.5 -1.2 -3.3
Retail trade
-8.5 +12.6 +20.1 +17.6 +18.7 +15.2
Transportation and warehousing
+7.3 +10.6 +21.8 +1.2 +19.7 -28.9
Information
+6.0 - -8.0 - +2.0 +6.0
Financial activities
+9.0 +10.0 +6.0 +3.0 +1.0 -1.0
Professional and business services
-17.0 +33.0 -4.0 +7.0 +9.0 +40.0
Temporary help services
-48.9 -14.1 -16.4 -1.3 -15.4 -1.2
Education and health services
+82.0 +86.0 +95.0 +88.0 +85.0 +107.0
Health care and social assistance
+82.4 +83.5 +87.0 +81.3 +90.7 +86.6
Leisure and hospitality
+7.0 +42.0 +5.0 +49.0 +58.0 +8.0
Other services
- - - - - -
Government Payrolls
- - - - - -



Civilian labor force
is the sum of employed and unemployed persons.
 
Unemployment Rate
is the number unemployed as a percent of the labor force.
 
Labor force participation rate
is the labor force as a percent of the population.
 
Employment-population ratio
is the employed as a percent of the population.




Average weekly hours of production by Industry June 2024

prel.
May 2024

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April 2024

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March 2024

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Feb. 2024

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Jan. 2024

prel.
Total private
34.30 34.30 34.30 34.40 34.30 34.20
Goods producing
40.00 39.80 39.70 39.90 39.70 39.40
Natural resources & mining
44.80 44.30 44.30 45.40 45.00 44.60
Construction
39.30 39.00 38.70 39.30 38.90 38.50
Manufacturing
40.20 40.10 40.00 40.00 39.90 39.80
Overtime hours
- - - - - -
Durable goods
46.50 40.50 38.40 47.00 40.00 42.60
Nondurable goods
39.50 39.40 39.20 39.20 39.10 39.10
Private serviceproviding
33.20 33.20 33.30 33.30 33.30 33.10
Trade, transportation & utilities
33.70 33.80 33.80 34.00 33.90 33.60
Wholesale trade
39.00 39.30 39.10 39.10 39.10 38.90
Retail trade
29.50 29.60 29.60 29.80 29.80 29.40
Transportation & warehousing
37.90 37.80 38.00 38.40 38.00 38.10
Utilities
41.90 42.30 42.10 42.10 42.30 42.20
 
Information
36.60 36.30 36.20 36.50 36.40 36.30
Financial activities
37.60 37.50 37.50 37.60 37.40 37.30
Professional & business services
36.40 36.50 36.60 36.50 36.40 36.30
Education & health services
33.10 33.20 33.20 33.20 33.20 33.20
Leisure & hospitality
25.40 25.40 25.40 25.50 25.60 25.40
Other services
32.30 32.30 32.30 32.30 32.30 32.20




Average hourly earnings ($) June 2024

prel.
May 2024

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April 2024

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March 2024

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Feb. 2024

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Jan. 2024

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Total private
35.00 34.91 34.75 34.69 34.57 34.52
Goods producing
35.73 35.58 35.43 35.36 35.11 35.07
Natural resources & mining
39.85 39.62 39.73 39.10 39.32 39.15
Construction
38.15 38.06 38.02 37.80 37.53 37.56
Manufacturing
34.00 33.83 33.61 33.63 33.40 33.33
Overtime hours
- - - - - -
Durable goods
35.99 35.75 35.46 35.49 35.19 35.10
Nondurable goods
30.57 30.49 30.39 30.38 30.27 30.26
Private serviceproviding
34.84 34.76 34.60 34.54 34.44 34.39
Trade, transportation & utilities
29.97 29.97 29.84 29.85 29.71 29.71
Wholesale trade
37.67 37.81 37.72 37.61 37.39 37.24
Retail trade
24.46 24.42 24.25 24.35 24.17 24.22
Transportation & warehousing
30.69 30.60 30.54 30.55 30.57 30.51
Utilities
50.83 51.08 50.99 50.81 50.75 50.77
 
Information
49.34 49.41 49.42 49.48 48.85 49.08
Financial activities
45.48 45.47 45.30 45.23 45.06 44.81
Professional & business services
42.23 42.01 41.82 41.68 41.53 41.43
Education & health services
- - - - - -
Leisure & hospitality
22.06 22.02 21.92 21.90 21.79 21.67
Other services
31.44 31.38 31.12 31.06 31.26 31.20







Source: Department of Labor
Picture Autor: (Flickr by Brad & Sabrina at http://flickr.com/photos/19078064@N00/184665954)




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