June 2024 Employment Summary
- On July 25, 2024
As summer is in full swing, the job market is changing along with the season. Learn more about employment expectations based on data from our latest employment summary. Staff Solve strives to assist employers and job seekers not only with job market information and in the hiring process but also with the overall economic picture of employment trends in the United States and the possible factors involved.
Total nonfarm payroll employment increased by 206,000 in June, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in government, health care, social assistance, and construction.
The unemployment rate changed little at 4.1 percent and the number of unemployed people also remained at 6.8 million. These measures are higher than a year earlier when the jobless rate was 3.6 percent and the number of unemployed people was 6.0 million.
In June, the labor force participation rate at 62.6 percent, and the employment-population ratio, at 60.1 percent, changed little this month. The number of persons employed part-time for economic reasons, at 4.2 million, changed little in June. These individuals, who would have preferred full-time employment, were working part-time because their hours had been reduced or they were unable to find full-time jobs.
The number of persons in the labor force who currently want a job was 5.2 million in June, declining by 483,000. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force remained steady at 1.5 million in June. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, edged down to 365,000.
Construction added 27,000 jobs in June, higher than the average monthly gain of 20,000 over the prior 12 months.
Employment in professional and business services changed little in June (-17,000) and has shown little change over the year.
Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services.
In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or .3 percent, to $35. Over the past 12 months, average hourly earnings have increased by 3.9 percent. Average hourly earnings of private-sector production and nonsupervisory employees rose by 10 cents, or 0.3 percent, to $30.05. The average workweek for all employees on private nonfarm payrolls was 34.3 hours for the third month in a row. The average work week for production and nonsupervisory employees decreased by 0.1 hour to 33.7 hours.
The change in total nonfarm payroll employment for April was revised down by 57,000, from +165,000 to +108,000, and the change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined is 111,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)
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