An economic update
On Friday, the latest employment report for June 2024 was released, and it offers some interesting insights into the current labor market. Total nonfarm payroll employment increased by 206,000, showing steady growth, particularly in sectors such as government, health care, social assistance, and construction. Despite these gains, the unemployment rate grew slightly to 4.1%, slightly higher than the 3.6% rate from a year ago.
One notable statistic is the increase in the number of long-term unemployed, which rose to 1.5 million, accounting for 22.2% of all unemployed individuals. This highlights ongoing challenges in the labor market despite overall job growth.
Average hourly earnings continue to rise, with a 0.3% increase in June, bringing the average to $35.00. This is a positive sign for workers but raises questions about wage inflation and its potential impact on the economy.
How do you see the current labor market trends impacting your industry?