On Friday the U.S. Bureau of Labor Statistics (BLS) released the June Jobs Report. The report said the total nonfarm payroll employment rose by 850,000 beating the expected 700,000 jobs experts predicted. Unemployment rose a tick from 5.8 percent to 5.9 percent.
According to the report:
The sector with the most jobs gained for June, was leisure and hospitality adding 343,000 jobs. Over half those jobs gained were in food services and “drinking places”. Overall the industry is still down 2.2 million or “12.9 percent, from its level in February 2020.”
The revisions for April and May:
BLS.gov. PDF page 1. 07/02/2021.
The White House Council of Economic Advisers has posted a long Twitter thread to break down the data in the report.
Some highlights:
It is important to pay attention to this three-month moving average to understand the trend, rather than focusing on the data in a single month since monthly numbers can be volatile. 2/ https://t.co/3lquhaeh2d
— Council of Economic Advisers (@WhiteHouseCEA) July 2, 2021
Labor force participation held steady at 61.6 percent. Labor force participation can bounce around month-to-month but has been about 61.6 percent for the last three months. 10/ pic.twitter.com/MTjMFY7JIB
— Council of Economic Advisers (@WhiteHouseCEA) July 2, 2021
The President has tweeted 1 time so far about the jobs report. I’m including it here, and most likely it will be mentioned in the open thread, posted at noon.
For what my opinion is worth:
A factor to keep in mind regarding the jobs report. The job growth still includes those workers returning to work, at some point post-pandemic employment will be almost solely based on new jobs created and not employees returning to the workforce after spending a year outside it. We haven’t reached the post-pandemic employment situation yet.
President Biden will offer remarks on the July Jobs Report at 10:15 a.m. D.C., time.
