At first look, the BLS’s June unemployment numbers give a sharp contrast to May’s large jump in employment. But like every month, we’re going to look at these numbers a little closer.
Said one report in the NY Times:
Just as last month’s government job report appeared deceptively robust, swollen as it was by 411,000 workers hired by the federal government to help with the census, so the June report appears deceptively anemic, as the government is shedding many of those same temporary census workers.
Here’s why: While nonfarm payroll employment fell by 125,000 in June, the decline reflects the shedding of 225,000 temporary Census 2010 jobs. The number of jobs in the private sector actually edged up by 83,000. If you remember May’s report, temporary census hiring accounted for about 411,000 jobs and private-sector employment rose by a modest 41,000.
Since the beginning of 2010, private sector employment has risen by 593,000; yet, that is still a sharp contrast to the 7.9 million jobs that have been lost since the start of the recession.
June’s job growth is due to modest increases in several industries including:
- temporary help services
- management and technical consulting
- business support services
- amusements, gambling, and recreation
- transportation and warehousing
- mining
- health care
- manufacturing
Construction employment, which has changed little this year, continued to fall.
For the long-term unemployed, there is added concern. More than 2 million people will lose their unemployment benefits by the end of next week, according to NPR news:
Unemployment benefits generally last 26 weeks, but they are inevitably extended during recessions. With the jobless rate hovering around 10 percent … Congress has already extended the benefits several times over the past two years, offering assistance for up to 99 weeks.
But such additional coverage expired June 4 and the Senate has since failed to renew it. The House approved an extension Thursday, but it appears the Senate will not pass its version until after the July 4 recess.
If you want to know more from CareerBuilder’s perspective on job growth, watch CareerBuilder CEO Matt Ferguson from this appearance on CNBC’s SquawkBox:
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Source: http://www.theworkbuzz.com/employment-trends/june-jobs-report-redux/
