Although by an odd statistical quirk, the unemployment rate rose by 0.2%, going from 3.8% to 4.0%, the BLS employment report for June is loaded with good news:
* The number of persons employed rose by 213,000: "Total non-farm payroll employment increased by 213,000 in June."
* 36,000 manufacturing jobs were created, the second largest increase in 10 years (Bureau of Labor Statistics Data). It is especially encouraging that "nearly all" of the new manufacturing jobs were in durable goods:
* The numbers for April and May were revised upward: "The change in total non-farm payroll employment for April was revised up from +159,000
to +175,000, and the change for May was revised up from +223,000 to +244,000." That's an upward revision of 27,000 jobs for those two months.
* The number of "discouraged workers" has now dropped by 155,000 from June of last year: "Among the marginally attached, there were 359,000 discouraged workers in June, down by 155,000 from a year earlier."
* The labor force participation rate (LFPR) rose by 0.2%.
* Wages rose again: "In June, average hourly earnings for all employees on private non-farm payrolls rose by 5 cents to $26.98. Over the year, average hourly earnings have increased by 72 cents, or 2.7 percent. Average hourly earnings of private-sector production and non-supervisory employees increased by 4 cents to $22.62 in June."
* The number of persons employed rose by 213,000: "Total non-farm payroll employment increased by 213,000 in June."
* 36,000 manufacturing jobs were created, the second largest increase in 10 years (Bureau of Labor Statistics Data). It is especially encouraging that "nearly all" of the new manufacturing jobs were in durable goods:
Durable goods manufacturing accounted for nearly all of the increase, including job gains in fabricated metal products (+7,000), computer and electronic products (+5,000), and primary metals (+3,000). Motor vehicles and parts also added jobs over the month (+12,000), after declining by 8,000 in May. Over the past year, manufacturing has added 285,000 jobs.
* The numbers for April and May were revised upward: "The change in total non-farm payroll employment for April was revised up from +159,000
to +175,000, and the change for May was revised up from +223,000 to +244,000." That's an upward revision of 27,000 jobs for those two months.
* The number of "discouraged workers" has now dropped by 155,000 from June of last year: "Among the marginally attached, there were 359,000 discouraged workers in June, down by 155,000 from a year earlier."
* The labor force participation rate (LFPR) rose by 0.2%.
* Wages rose again: "In June, average hourly earnings for all employees on private non-farm payrolls rose by 5 cents to $26.98. Over the year, average hourly earnings have increased by 72 cents, or 2.7 percent. Average hourly earnings of private-sector production and non-supervisory employees increased by 4 cents to $22.62 in June."
