Job Market Update: June 2017

What's the latest with the unemployment rate? We've got the details and the takeaways.

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Jobs Added

222,000

  • Construction

    16,000

  • Manufacturing

    1,000

  • Mining

    8,000

  • Professional & Business Services

    35,000

  • Education & Health Services

    45,000

  • Transportation & Warehousing

    2,400

  • Finance

    17,000

  • Leisure and Hospitality

    36,000

5 Things to know about June’s job report

The US job economy remained strong in June: 222,000 jobs were added to the economy.

  1. The Federal Reserve raised short-term interest rates in June for the third time this year. Short-term interest rates are the percentages financial institutions charge on short-term loans that borrowers, (think people like home buyers,) take from them. The Federal Reserve dropped interest rates to 0% almost 10 years ago during the Great Recession. This raise is big proof of the confidence the economy is continuing to gain.
  2. Education & Health Services appeared to take the lead in most jobs added in an industry at 45,000. Health care accounted for 37,000 of them, including ambulatory services, home health care services, and the offices of dentists, physicians and other health care practitioners.
  3. Leisure & Hospitality also rose in June with 36,000 jobs added, with 29,000 being Food Services and Drinking Places.
  4. Manufacturing – which has gotten attention following President Trump’s “Buy American, Hire American” executive order – only added 1,000 jobs in June, but is a step up after losing about that in May.
  5. But what about those that are still unemployed and looking for work? The Bureau of Labor Statistics estimated 7 Million people were without jobs in June – with 1.7 Million being long-term unemployed, and 514K being discouraged (i.e. not looking for work because they believe no jobs are available for them.)

Job Growth by Industry

June 2017

Unemployment Rate

  • Unemployment Rate

    4.4%

  • Change from Last Month

    +0.1%

In Your Region

May 2017

So what’s going on specifically in your region of the country? We broke it down for you (a reminder that the state unemployment report released by the Bureau of Labor Statistics is released 1 month after the national unemployment report – so for this section, we’re talking about the month of May.)

The Midwest had the lowest unemployment rate at 3.6%, while the South had the highest at 4.6%.

West

West

  • Unemployment Rate

    4.3%

  • Change from Last Month

    0%

Lowest and highest unemployment rates

Colorado (2.3%) / Alaska (6.7%)

Midwest

Midwest

  • Unemployment Rate

    3.6%

  • Change from Last Month

    -0.1%

Lowest and highest unemployment rates

North Dakota (2.5%) / Ohio (4.9%)

Northeast

Northeast

  • Unemployment Rate

    4.1%

  • Change from Last Month

    +0.2%

Lowest and highest unemployment rates

New Hampshire (2.9%) / Pennsylvania (5.0%)

West

South

  • Unemployment Rate

    4.6%

  • Change from Last Month

    -0.2%

Lowest and highest unemployment rates

Arkansas (3.4 %) / District of Columbia (6%)

Why This is So Important

Though the low unemployment rate may at first seem to indicate that there are fewer jobs available for job seekers, the opposite is actually true. Employers are having a difficult time finding the talent they need because so many Americans have jobs, which allows job seekers to have more leverage for jobs that are open.

We’ve already seen things like wage increases from employers to help attract job seekers; things like work/life balance, better workplace culture and non-healthcare benefits will likely become more prevalent as companies gear up for holiday seasonal hiring.

If you’re looking for a job, now is the perfect time to explore your options. If you’re looking for workers, it’s important you’re evaluating all aspects of your job attractiveness, and brainstorm ways to edge out the competition. 

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