Pandemic Job Recovery Continues led by Low-wage Jobs; Nation still down 14.7 Million Jobs;

By Mark Lieberman

Managing Director and Senior Economist

Highlights

  • Unemployment rate in June FELL to 11.1 percent from 13.3 percent in May;
  • The BLS report put household unemployment at 17.75 million but a separate labor department report showed 19.2 million people were collecting unemployment insurance during the “reference week for the BLS report; At 19.2 million the unemployment rate would be 11.9 percent;
  • Number of payroll jobs INCREASED 4.8 million in June,
  • Since the pandemic began in March, jobs are down 14.7 million;
  • Average weekly earnings FELL in June to $1,013.27, a 2.5 percent down $19.06 FROM May but UP 5,35 percent year-year;
  • Average hourly earnings FELL 38ȼ in June to $29.37 but were UP $1.41 or 5 percent, year-year;
  • Private sector jobs INCREASED 4,767,000; Government payrolls ROSE 33,000, led by an increase of 57,000 local government jobs;
  • Prior month job totals were REVISED DOWN, up 100,000 in April but down 190,000 in May;
  • All major industry sectors added jobs

Trends:

  • Indicators showed a slow recovery: the labor force participation rated improved for the second straight month as did the employment-population ratio;
  • Job gains in May and June still laver jobs 14.7 million shy of pre-pandemic levels;
  • Unemployment rates for teenagers, those with less than a high diploma, as well as blacks and Hispanics all fell.
  • Low-wage retail and leisure-and-hospitality jobs accounted for 59 percent of total jobs gains;

Data Source Bureau of Labor Statistics: http://www.bls.gov/news.release/archives/empsit 703020.pdf

You can follow Mark Lieberman on Twitter at @foxeconomics.

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