Three Things You Need to Know about Today’s Jobs Numbers
Today’s jobs report shows a better than expected month in terms of overall jobs added to the economy. And while that’s great news, there’s a lot more to the employment situation than meets the eye. Here are 3 things you may have missed in today’s jobs report:
1. The Unemployment Rate Is High for Certain Vulnerable Groups
The overall unemployment rate (for everyone 16+) in June was 4.9 percent. And while that’s a small increase from May’s 4.7 percent rate, it’s still below the 5-5.5 percent range that many economists consider “full employment.”
That said, the unemployment rate was substantially higher for certain vulnerable groups. For example, the black women’s rate (for those 20+) was 7.3 percent in June – 80 percent higher than the rate for white men – which was just 4 percent. And the rate for black men was even higher.
2. More than a Quarter of Unemployed Workers Have Been Out of Work for 6 Months or More
Despite the economy adding thousands of jobs every month since October 2010, more than 1 of every 4 people (more than 1.75 million of them) who were unemployed in June were out of work for 6 months or more.
3. The Jobs Added to the Economy Are Not All Good Jobs
Women gained nearly 6 out of every 10 jobs added to the economy in June. And while some of the jobs were added in the education and health services and government sectors, where many jobs are good-paying jobs with benefits, many of women’s jobs gains were in sectors that tend to have low wages or are only part-time, such as leisure and hospitality (31,000 new jobs) or retail (16,000 new jobs).
So while we’re glad things are moving in the right direction – there are still trying times ahead for certain vulnerable groups who have yet to reap the economy’s gains.