03/29/2024

Why June’s Job Numbers Are Disappointing, Despite Lower Unemployment Rate

The economy added 223,000 jobs in June and the unemployment rate fell to 5.3 percent, but some economists are disappointed.
Why? Wages remained flat and the labor participation rate fell to 62.6 percent, the lowest rate since October 1977.

That’s the mixed message contained in Thursday’s jobs report from the Bureau of Labor Statistics.

The gain of 223,000 jobs was below the average monthly gain of 250,000 for the previous 12 months. The professional and business services sector was strong, adding 64,000 jobs, and so was health care, adding 40,000 jobs. Retail traded added 33,000 jobs, and the financial sector added 20,000 jobs.

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