Monthly Economic Report: July 2013

Posted by Paladin on July 15, 2013

Summary of the BLS jobs report for the professional and business services industry – based on June 2013 data.

As millions of Americans celebrated Independence Day weekend,
 the BLS released one of the most encouraging jobs reports in recent memory – “The Employment Situation – June 2013.”

According to the report, 195,000 new jobs were generated last month, exceeding the projections of many financial experts who 280 anticipated from 150,000 to 165,000 new jobs. The national civilian labor force also rose by 177,000, as total employment was measured at 144.1 million, an increase of 160,000 when compared to May’s figures.

Private sector employment has grown every month since February 2010 and continued its rise in June – 202,000 new private sector jobs were added in the month.

Since June 2009 – the official end of the Great Recession – 5.3 million new jobs have been added to the national economy, an average of 110,417 per month. In that time, the nation’s jobless rate has decelerated from 9.5 to 7.6 percent, the lowest measurement recorded since December 2008.

Furthermore, April and May’s total monthly nonfarm payroll employment were revised to 199,000 and 195,000, respectively – an overall increase of 70,000 jobs. As a result of these revisions, 2013’s average monthly job creation also increased, from 189,200 to approximately 202,000.

Many economists point to a number of indicators to show slow, but significant economic progress over the past 12 months. The total number of workers employed part-time, due to economic reasons has increased by 322,000 to 8.2 million. Since June 2012, employment has risen by 1.6 million and unemployment has declined by 924,000. Additionally, the civilian labor force has increased by 686,000.

These figures, along with the continuous upward trend in private sector employment seem to indicate that America’s employment situation will keep on improving in the second half of 2013.

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