Unemployment stays at 7.6 percent

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The unemployment rate remained unchanged at 7.6 percent as 195,000 jobs were added in June, the U.S. Bureau of Labor Statistics reported today.

Job growth occurred in leisure and hospitality, professional and business services, retail trade, health care and financial activities, the government reported.

The results surpassed expectations. Economists surveyed by Dow Jones Newswires had forecast that non-farm payrolls would rise by 160,000. U.S. employers have been adding an average of 182,000 jobs each month during the last year, the Labor Department said.

The leisure and hospitality sector added the most jobs in June, with 75,000.

The job growth for the last three months raises hopes for a stronger economy in the second half of 2013, according to The Associated Press. The unemployment rate remained at 7.6 percent in June because more people started looking for work — a healthy sign. Once people start looking for jobs, the government counts them as unemployed.

Pay also rose in June, the Labor Department’s monthly jobs report showed. Pay has now outpaced inflation over the past year.

Stock index futures rose shortly after the report was released at 8:30 a.m. EDT. The yield on the 10-year treasury note increased from 2.56 to 2.65 percent, a sign that investors think the economy is improving, according to the AP.

If growth accelerates and unemployment falls, the Federal Reserve could scale back its bond purchases before the year ends. The bond purchases have kept long-term interest rates low.

Click here for analysis by The New York Times.

Click here for a report by Reuters.

Click here for the Bureau of Labor release.

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Comments

One comment on “Unemployment stays at 7.6 percent

  1. MANTALEC

    Blah,Blah, Blah. How does that help us?
    *Jobs added are part time. not livable wages and family income is still down
    *Food and fuel prices are not included in the inflation index, so it’s not very relevant to our would be customers who cant afford to buy fuel for the boats they own now
    *Bureaucracy is increasing, making being in business harder and less profitable.

    This is all just hype to get lull sheeple into a false sense of security..

    America’s economy will not truly recover when the government is pushing a 15% ethanol mandate driving up food and fuel prices, having a war on coal, fracking, pipelines and drilling in the name of the global warming charade.

    Vote Liberals out of office! That’s what we need to do!

    Want to see who is benefiting from higher oil prices? Google image “largest yachts”. See what your buying for all these oil sheikhs.

    Then, imagine if all that wealth stayed right here in USA….. Wow, now that would bring a real recovery. But its not going to happen with liberals in control.

    You need to get rid of them on the local level as well. Tree huggers and pro union employees in the local permitting office intentionally made it impossible for my boat building business to succeed, ifollowed the rules but they delayed and delayed (starved me out). Liberals care more about pushing liberal agendas and crushing conservative businessman than getting jobs for their neighbors.

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