Saturday, July 08, 2023

Unemployment Drops Slightly In June To 3.6%


The Labor Department released the unemployment report for June on Friday. It showed the economy produced 209,000 new jobs, and the unemployment rate dropped by 0.1 to 3.6%. 

Here are the relevant statistics for June:

SIZE OF CIVILIAN WORK FORCE:

166,951,000

OFFICIAL NUMBER OF UNEMPLOYED WORKERS:

5,957,000

OFFICIAL UNEMPLOYMENT RATE:

3.6%

DEMOGRAPHIC BREAKDOWN OF OFFICIAL UNEMPLOYMENT:

Adult men...............3.4%

Adult women...............3.1%

Teens (16-19)...............11.0%

Whites...............3.1%

Blacks...............6.0%

Asians...............3.2%

Hispanics...............4.3%

No HS diploma...............6.0%

HS graduate...............3.9%

Some college...............3.1%

Bachelor's deg. or more...............2.0%

NUMBER OF MARGINALLY-ATTACHED WORKERS (unemployed but not counted):

1,435,000

MORE REALISTIC NUMBER OF UNEMPLOYED WORKERS (official + marginally-attached):

7,392,000

MORE REALISTIC UNEMPLOYMENT RATE:

4.43%

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