Unemployment still at 8.2 percent - Trade Only Today

Unemployment still at 8.2 percent

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Employers added 80,000 jobs in June and the unemployment rate remained unchanged at 8.2 percent, the Labor Department announced today.

Employment growth averaged 75,000 per month in the second quarter of the year, compared with an average monthly increase of 226,000 in the first quarter, according to John M. Galvin, acting commissioner of the Bureau of Labor Statistics.

Slower job growth in the second quarter occurred in most major industries.

The number of unemployed people was essentially unchanged at 12.7 million, according to Galvin’s statement.

The labor force participation rate, at 63.8 percent, and the employment-population ratio, at 58.6 percent, were unchanged during the month. These labor force indicators have shown little movement in the first half of 2012.

Employment in professional and business services grew by 47,000 in June.

Since the most recent low in September 2009, employment in industry has risen by 1.5 million; however, much of that growth has occurred in temporary help services due to hours being cut or workers being unable to find full-time work, according to the Labor Department’s employment summary.

Temporary help services added 25,000 jobs during the month and 776,000 jobs since September 2009.

Manufacturing employment continued to edge up in June, adding 11,000 jobs. Job gains averaged 10,000 per month in the second quarter, compared with an average of 41,000 per month in the first quarter.

Private payroll tracker ADP reported Thursday that the U.S. added 176,000 private jobs in June, more than expected, following a revised 136,000 jobs added in May.

The number of people seeking unemployment benefits dropped last week to the lowest level in six weeks, falling 14,000 to 374,000 seasonally adjusted.

Some economists said the softer payroll gains, with an increase of 6 cents in June to $23.50, reflected a weakening after a relatively mild winter, which moved gains normally felt in spring and early summer to the first quarter.

During the last 12 months, average hourly earnings have risen by 2 percent.

From May 2011 to May 2012, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.7 percent.

Click here for more from the Bureau of Labor Statistics.

Click here for an ABC News report.

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