The U.S. Bureau of Labor Statistics reported this morning that 223k nonfarm payrolls were added during the month of June. This follows revised payrolls gains of 254k in May and 187k in April.
The Professional Services industry added the most jobs in June.
The Education and Health Services industry, the Leisure and Hospitality industry, and the Professional Services industry have contributed the most to job gains over the last 8 years. The Construction and Manufacturing sectors have had the most difficulty recovering from the economic downturn.
The household survey shows that 349k full-time jobs were lost in June, while part-time employment increased by 161k. Since November 2007, when the household survey showed peak employment, full-time jobs have decreased by 822k and part-time jobs have increased by 2,909k.
Part-time employees made up 18.60% of the workforce in June, up from 18.47% in May.
Those part-time for economic reasons, workers who would prefer to be full-time but are involuntarily part-time, as a share of those part-time for noneconomic reasons was 31.9%, down from 33.4%.
The unemployment rate (U-3) was 5.3% in June, a decrease from 5.5% in May. The broader unemployment rate (U-6) decreased to 10.5% from 10.8%.
The spread between the U-6 and U-3, or underemployment spread, decreased to 5.2%.
Youth unemployment continues to be volatile.
Unemployment for those with less than a high school diploma decreased to 8.2%.
Blacks continue to experience the highest unemployment rate at 9.5%.
The labor force participation rate decreased to 62.6% from 62.9%, while the employment-to-population ratio fell to 59.3% from 59.4%.
Participation among men decreased to 69.0% from 69.4% and participation among women decreased to 56.7% from 56.8%.
The participation rate for prime age workers (25-54) decreased to 80.8% from 81.0%.
Average weekly hours worked by production and supervisory employees was unchanged at 33.6, while average hourly earnings increased to $20.99 from $20.97. Average hourly earnings have increased 1.94% from a year ago.
Average duration of unemployment in June was 28.1 weeks, down from 30.7. This metric reached a high of 40.7 in 2011, and is still elevated by historical standards.
Of those unemployed, 42.7% have been so for 15 weeks or longer.
Annual employment growth against real GDP growth: