Traditionally, the worst thing that can happen ahead of midterm elections is for the economy to be noticeably improving, and, unfortunately for Democrats, that’s exactly what’s happening, including a record-breaking low unemployment rate for Hispanics and more people in the workforce than ever. Below are some key takeaways from the June jobs report, which had mostly good news on the economy.
1. The number of employed Americans set a new all-time record:
We now have over 155 million Americans in the work force. Despite that historic high, some 95,502,000 Americans are still not in the labor force.
2. The economy added 213,000 nonfarm jobs in June.
This was better than economists’ prediction of 195,000 new jobs.
3. The jobless rate ticked up to 4% from 3.8%.
This is due to an increased number of people looking for jobs. Despite the increase, however, the jobless rate is still a pretty healthy number. Last month’s 3.8 percent was tied for the best since 1969, CNBC notes.
4. The labor force participation rate continues to trend down.
This is in part because of retiring Baby Boomers. A low labor force participation rate traditionally has a negative impact on the economy and tax revenues. Of the 257,642,000 civilian non-institutionalized Americans at least 16 years old, 62.9 percent (162,140,000) either hold a job or are actively looking for a job.
5. The unemployment rate among Hispanics reached an all-time low of 4.6%.
Prior to the new record, CNS notes, the lowest unemployment rate for the group since BLS started tracking the statistic in 1973 was 4.8 percent, which it reached during four months of the Trump administration and one time in 2006.
6. The unemployment rate among African Americans increased.
Still near historically low numbers, unemployment among African Americans rose from 5.9 percent in May to 6.5 percent in June.
7. Hourly wages are up from last year.
Pay increases averaged a 72 cents per hour improvement over last year, which represents a 2.7 percent increase.
8. Nonfarm payroll increases from both April and May were revised up.
Job gains were raised from 159,000 to 175,000 and from 223,000 to 224,000, respectively.
About the Author
James Barrett writes for The Daily Wire.