U.S. jobless rate falls to seven-year low
The nation’s unemployment rate dropped to 5.3 percent in June, the U.S. Bureau of Labor Statistics reported Thursday. The rate fell from May’s 5.5 percent to its lowest level in seven years.
June saw a gain of 223,000 jobs — less than the average monthly gain of 250,000 over the prior 12 months — with the number of unemployed people declining by 370,000 to 8.3 million, the BLS said. Its monthly report was released a day early because of Friday’s federal holiday.
Job gains took place in retail trade (33,000), food services and drinking places (30,000), financial activities (20,000), and transportation and warehousing (17,000). Employment in mining continued a downward trend, losing 4,000 jobs in June. Other major industries, including construction, manufacturing, wholesale trade, information, and government, showed little or no change over the month.
The BLS said the number of long-term unemployed (those jobless for 27 weeks or more) declined by 381,000 to 2.1 million in June. These individuals accounted for 25.8 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 955,000, the BLS reported. The labor force participation rate declined by 0.3 percentage point to 62.6 percent in June.
For the fourth month in a row, the average workweek for all employees on private nonfarm payrolls was 34.5 hours in June. In June, average hourly earnings for all employees on private nonfarm payrolls were unchanged at $24.95.
The BLS also revised employment figures downward for both April and May, meaning that employment gains in April and May combined were 60,000 lower than previously reported. April employment was revised to 187,000 from 221,000, and May employment was revised to 254,000 from 280,000.
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