Skip to comments.June Payrolls +195K Much Higher Than Expected (7.6%); Underemployment Rate Soars To 14.3%
Posted on 07/05/2013 5:36:41 AM PDT by Perdogg
So much for any doubts about a September taper: with the street expecting a 165K NFP number for June, the actual print of 195K following an upward revised May print of 195K as well, means the September flow fade is now virtually assured. The Unemployment Rate stayed at 7.6% despite expectations of a drop to 7.5%, although the real action was in the underemployment rate which exploded from 13.8% to 14.3%.
From the report:
Total nonfarm payroll employment increased by 195,000 in June, in line with the average monthly gain of 182,000 over the prior 12 months. In June, job growth occurred in leisure and hospitality, professional and business services, retail trade, health care, and financial activities. (See table B-1.)
Leisure and hospital ity added 75,000 jobs in June. Monthly job growth in this industry has averaged 55,000 thus far in 2013, almost twice the average gain of 30,000 per month in 2012. Within leisure and hospitality, employment in food services and drinking places continued to expand, increasing by 52,000 in June. Employment in the amusements, gambling, and recreation industry also continued to trend up in June (+19,000).
Employment in professional and business services rose by 53,000 in June. Job gains occurred in management and technical consulting services (+8,000) and in computer systems design and related services (+7,000). Employment continued to trend up in temporary help services (+10,000). Over the past year, professional and business services has added 624,000 jobs.
Retail trade employment increased by 37,000 in June. Within retail trade, employment increased by 9,000 in building material and garden supply stores and by 8,000 in motor vehicle and parts dealers. Employment in wholesale trade continued to trend up (+11,000).
Health care continued to add jobs in June, with a gain of 20,000. Within the industry, employment continued to trend up in ambulatory health care services (+13,000). A gain of 5,000 jobs in hospitals followed a loss of 8,000 jobs in May.
Employment in financial activities rose by 17,000 in June, with most of the increase occurring in credit intermediation (+6,000) and in insurance carriers and related activities (+6,000).
Federal government employment continued to trend down in June (-5,000) and has declined by 65,000 over the past 12 months.
Employment in most other major industries, including mining and logging, construction, manufacturing, and transportation and warehousing, showed little change in June.
The average workweek for all employees on private nonfarm payrolls was unchanged in June at 34.5 hours. In manufacturing, the workweek increased by 0.1 hour to 40.9 hours, and overtime was unchanged at 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)
In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $24.01. Over the year, average hourly earnings have risen by 51 cents, or 2.2 percent. In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $20.14. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for April was revised from +149,000 to +199,000, and the change for May was revised from +175,000 to +195,000. With these revisions, employment gains in April and May combined were 70,000 higher than previously reported.
Mining and Logging:
Impeachment File on Benghazi Coward B. Hussein Obama, formerly known as Barry Soetoro, a Legal Citizen of the Sovereign Nation of Indonesia.
I wish that were the direct cause. The meltdown was already starting. Now Barney Frank taking over the banking committee and Maxine Waters on Financial Services completely missed the boat on Fannie and the banks so that didn’t help. But the dye was already cast bu that point.
Thanks for posting all the charts.
That bright red line for the 2007 recession is VERY telling.
Let’s see... wasn’t that recession Bush’s fault?
Is it just me, or is this month’s “larger” 28 gram chocolate ration considerably less satisfying than last month’s “smaller” 45 gram ration?
In my area of southwest Colo., tourism/hospitality is important. But the high gas prices are keeping the RV traffic down.
how many of these are full time jobs and not one full time restaurant job being split into 2 part time jobs for Obamacare?
Yup...some of that is what this is, the full-time job splits from business coping with 0bamacare.
The one thing I wish we could do is compare the “real” unemployment numbers between Bush and Obama. The problem is that we never used “real” unemployment numbers when Bush was President for whatever reason. It would be interesting to compare the facts between then and now.
Disposable incomes based on the first quarters numbers and since are falling at about 9% per year. Thats horrendous.
The entire Department of Defense begins Furlough’s next week. Watch that 9% skyrocket. I am one of the DOD folks who will be furloughed 20 percent a week....guarantee I am watching my pennies until AT LEAST October and many others like me are doing the same.
I hope they don’t count Federal, State, and local government employees as “employed”.
A) They produce nothing, B) They consume what others produce.
Every such employee should count twice as “unemployed”.
The numbers upon which the report are based are faulty. Anything "good" under the Obama cabal is rooted in pernicious lies.
The price of gasoline is killing hard-working Americans as the Obama regime regulates domestic energy producers to the point of failure. And his banning of offshore drilling only makes the consumer subject to the whims of the muzzies as this chart clearly shows (and things have only gotten worse).
Republicans are the party of prosperity. DemonRATS are the party of poverty. It's that simple.
During the "Contract with America", when Newt Gingrich and the GOP has neutralized Klintoon, gas prices here in Texas were at 78 cents a gallon. The Bryan-College Station was under 2%. America is reeling under the anti-business, pro-union policies of Obama. Granted, Texas is doing fairly well but it pales in comparison to the economic vigor during the Gingrich-Bush era.
Without any new jobs in industrial production and hard goods manufacturing the rest is all fluff and foofaroo. This is reminding me of the conversations back in the 80’s about how neat the world was gonna be when we become an information based economy——here’s a piece of information: Don’t bet the farm on the above report meaning anything positive for the long term.