June 2010 US Unemployment Rate

Posted on July 2, 2010 by townsend

• Unemployment rate falls, but momentum weak in job market, By Neil Irwin, July 2, 2010, Washington Post: “The nation’s unemployment rate fell in June, though hiring by the private sector remained soft, according to a government report Friday. The figures suggest the economic recovery is moving forward this summer, but with weak momentum in the job market. The jobless rate was 9.5 percent last month, down from 9.7 percent in May, a surprising decrease that came as hundreds of thousands of workers dropped out of the labor force. Private employers added 83,000 jobs in June, more than double the rate in May but still below the six-figure job creation numbers that would suggest a strong recovery in employment. Overall, employers shed 125,000 jobs in June; however, that figure was distorted by the Census Bureau cutting 225,000 temporary jobs. The total of 100,000 jobs added, excluding the census, is lower than the 130,000 or so jobs needed every month just to keep up with growth in the labor force, which could put upward pressure on the jobless rate in the months ahead…”
• Unemployment rate dips as more workers leave labor force, By Don Lee, July 2, 2010, Los Angeles Times: “Private employers added a smaller-than-expected 83,000 jobs in June, but the unemployment rate edged down to 9.5% as many workers dropped out of a labor market that remains very sluggish. The Labor Department reported Friday that total payroll employment, including government workers, was down 125,000 in June, reflecting the loss of 225,000 census workers who finished their assignments. The decrease in Census Bureau staffing was expected, but most analysts were looking for stronger job growth in the private sector, which has yet to generate momentum and looms as a major threat to the overall economic recovery. In May, private employers added just 33,000 jobs. What’s more, the average hours worked in manufacturing and other industries in June declined, as did average hourly earnings. Job gains last month were largely in low-paying industries — leisure and hospitality, and the temporary-help industry. Manufacturing payrolls grew by 9,000, but that was much smaller than the average of 25,400 in the prior five months. And the construction industry shed another 22,000 jobs in June…”