Economy Adds 195,000 Jobs In June
MIAMI (CBSMiami) – One day after the nation celebrated the nation’s independence, the U.S. Labor Department delivered good news to the U.S. economy.
According to the Bureau of Labor Statistics, the economy created almost 200,000 jobs in the month of June. While it was a large beat of Wall Street estimates of 165,000 jobs created, the unemployment rate stayed at 7.6 percent.
Still, there was plenty of good news for employees and job seekers in the June jobs report. The Labor Department added another 70,000 workers for the last two months, which helped out the overall numbers, but helped keep the unemployment rate steady.
According to the Washington Post’s Neil Irwin, the employment to population ratio ticked up to 58.7 percent and there was a 0.4 percent bump in hourly earnings in June.
Still, the larger unemployment picture was not good. The U-6 number, which measures unemployment by adding in discouraged workers, and the underemployed, jumped to 14.3 percent from 13.8 percent in May.