U.S. Adds 195,000 Jobs in June
The U.S. added 195,000 private-sector jobs in June, according to the newest Bureau of Labor Statistics report on unemployment across the country. June's job numbers were higher than expected, but the percentage of unemployment remained unchanged at 7.6.
The U.S. Department of Labor also revised its job estimates for April and May, adding an additional 70,000 jobs to its previous estimates.
But despite the better-than-expected numbers for June, joblessness still remains high across the country. There are 11.8 million people out of work 4.3 million of whom have been out of work for more than half of a year and there are another 8.2 million working part-time because they cannot find full-time jobs. Overall, the number of full-time employed is 2.5 million below its peak in November 2007.
Youth unemployment rates are also much higher than the national unemployment rate, despite the promising job numbers for June.
A survey by the National Federation of Independent Business also found that hiring among small firms was essentially flat. The group blamed uncertainty over the new health-care law and other policies for the less-than-stellar results.
We only have to look to Washington for reasons why our economy cant seem to maintain steam and is on a painfully slow journey toward job creation, said William C. Dunkelberg, NFIB chief economist.
The recovery of the labor market has further implications for monetary policy in the United States. The Federal Reserve plans to begin scaling back its economic stimulus program later this year if the program continues at its current pace, and plans to eliminate the program when the unemployment rate dips to 7 percent, which is predicted to happen in the middle of 2014.
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