JUNE JOBS REPORT: Gains, Losses, Revisions

By SBE Council at 5 July, 2024, 12:04 pm

The Bureau of Labor Statistics (BLS) released the June jobs data on July 5. The majority of new jobs created (+206,000) are in government (+70,000), health care (+49,000), and the social services (+34,000) sectors. BLS revised the April and May job gains down by a combined 111,000. According to BLS:

April was revised down by 57,000, from +165,000 to +108,000, and the change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined is 111,000 lower than previously reported.

The unemployment rate came in a 4.1%.

Other key sectors for June 2024:

● Construction +27,000

● Professional, Scientific and Tech +24,000

● Wholesale Trade +14,200

● Financial Services +9,000

● Transportation and Warehousing +7,300

● Leisure and Hospitality +7,000

● Information +6,000

● Utilities +900

● Mining and Logging 0

● Manufacturing -8,000

● Retail Trade -9,000

● Professional and Business Services -17,000

● Temp Help Services -49,000

Regarding the June data, SBE Council president & CEO Karen Kerrigan said:

" The cumulative and ongoing effects of inflation, higher interest rates, greater difficulty in accessing capital and credit, and uncertainty about the direction of the economy and important policies are making their mark on the jobs market. The revisions for April and May are significant. Anemic job growth and losses in key sectors are a red flag for the U.S. economy. Without pro-growth, pro-investment policy leadership from President Biden and working with Congress on important initiatives - such as advancing a tax relief package passed by the House along with a range of policies to boost U.S. competitiveness and strong economic growth - this will be a long, hot summer for our entrepreneurs and small business owners."

ICYMI: Reality Check on the Economy, by Raymond Keating, SBE Council president & CEO

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