WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 57,000 jobs were added in June. The overall unemployment rate dropped slightly to 4.2% in June from 4.3% in May. These job gains were below economists’ expectations of around 100,000 jobs.
The unemployment rate for women fell slightly to 3.7% from 3.8%. Part of the decline in women’s unemployment rate is due to a decline in women’s labor force participation. That decline corresponds with the overall labor force participation falling to 61.5% in June from 61.8% in May. Meanwhile, men’s labor force participation decreased to 66.8% in June from 69.5% in May. Both rates for men and women are still below pre-pandemic levels.
June saw strong growth in professional and business services, social assistance, and health care. Meanwhile, leisure and hospitality lost 61,000 jobs.
The University of Michigan’s gauge of consumer sentiment rose to 49.6 in June, up from 44.8 in the prior month, as gas prices moderated and worries over the long-term consequences of the Iran conflict eased.
Patrice Onwuka, vice president for economic policy and director of Independent Women’s Center for Economic Opportunity, issued the following statement:
“Jobs growth slowed last month, and downward revisions for May and April suggest that hiring is less robust than first thought. However, no need for alarm bells. The labor market is resilient. Employers are still hiring, especially in long-term growth sectors like health care and social assistance, which happen to be popular sectors for female workers.
“The decline in labor force participation could be due to several factors. Youth labor force participation is down as fewer young people are seeking employment. Also, this is a common time of year for women to leave the workforce to care for school-aged children at home from school for the summer. These mothers will likely begin looking for work later in the summer.
“However, youth unemployment is being impacted by labor policies that make entry-level jobs more expensive, such as rising minimum wages across states. Smart policies should protect and encourage starter jobs for young workers and flexible jobs for working parents.”
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