The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for June on July 2nd.
More than 5 million People Return to Work in June as COVID restrictions relax.
- Unadjusted U-3 was Down from 13.0% to 11.2%!
- Adjusted U-3 was Down from 13.3% to 11.1%!
- Unadjusted U-6 was Down from 20.7% to 18.3%!
- Labor Force Participation rose from 60.8% to 61.5%.
- Unadjusted Employment up by approx. 5.1 million jobs.
According to the Commissioner of the U.S. Bureau of Labor Statistics:
“Nonfarm payroll employment increased by 4.8 million in June, and the unemployment rate declined by 2.2 percentage points to 11.1 percent. These improvements reflect the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it.
In June, employment continued to rise in several major industry sectors, with the largest gain in leisure and hospitality. Notable gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.”
Of course, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)”
rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”
But looking at the CES report we see…
Originally the BLS reported 133.342 million jobs for May and then in June, they added 68,000 jobs to that estimate.
So currently they are saying 133.410 million jobs for May and 138.513 million jobs for June which is actually an increase of 5.171 million jobs compared to what they originally reported last month or 5.103 million increase based on their updated estimates.