The U.S. economy rebounded from its unusual drop in employment growth, adding 287,000 new jobs during the month of June, according to a federal report Friday.
The Bureau of Labor Statistics (BLS) tracked very slow employment growth since the economy began recovering from the last recession. The already slow economic growth dropped to a dismal 38,000 new jobs in May compared to a monthly average of 219,000 new jobs over the last year. The economy bounced back with 287,000 new jobs in June.
“Total nonfarm payroll employment increased by 287,000 in June, after changing little in May,” the report detailed. “Job growth occurred in leisure and hospitality, health care and social assistance, and financial activities. Employment also rose in information, largely reflecting the return of workers from a strike.
Federal Reserve Chair Janet Yellen admitted June 6 the May jobs report was discouraging. The economy has improved over the last few years but has struggled to completely recover from the severe economic downturn known as the Great Recession — which was sparked by the subprime mortgage crisis and the financial crisis of 2007. The recovery took years to begin and has since been incredibly slow.
The economy is still showing lackluster numbers when it comes to long-term unemployment. The labor force participation rate changed little and now sits at 62.7 percent. The participation rate tracks the number of employed people as a percentage of the population — unlike the unemployment rate, it counts those people who are no longer seeking work. It been in a sharp decline since 2008.
The leisure and hospitality industry saw the most significant increase of new jobs at 59,000, followed closely by healthcare and financial industries. Mining, on the other hand, continues to see a decline in employment, losing 6,000 jobs. Mining has decreased by 211,000 jobs since reaching its peak in September 2014.
Average wages only increased by two cents and now sits at $25.61 in the month of June. Wages in recent months have shown slow, yet positive growth. The report tracks many industries but excludes farm workers, private household employees and nonprofits.
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