by Calculated Risk on 7/08/2022 08:40:00 AM
From the BLS:
remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Notable
job gains occurred in professional and business services, leisure and hospitality,
and health care.
The change in total nonfarm payroll employment for April was revised down by 68,000, from +436,000
to +368,000, and the change for May was revised down by 6,000, from +390,000 to +384,000. With
these revisions, employment in April and May combined is 74,000 lower than previously reported.
The first graph shows the job losses from the start of the employment recession, in percentage terms.
The current employment recession was by far the worst recession since WWII in percentage terms.
In June, the year-over-year change was 6.3 million jobs. This was up significantly year-over-year.
Total payrolls increased by 372 thousand in June. Private payrolls increased by 381 thousand, and public payrolls decreased 9 thousand.
Payrolls for April and May were revised down 74 thousand, combined.
The third graph shows the employment population ratio and the participation rate.
The Employment-Population ratio decreased to 59.9% from 60.1% (blue line).
I’ll post the 25 to 54 age group employment-population ratio graph later.
The unemployment rate was unchanged in June at 3.6% from 3.6% in May.
This was above consensus expectations; however, April and May payrolls were revised down by 74,000 combined.