Unemployment Rate Falls to 9.5 Percent as the Labor Force Shrinks
The good news? The unemployment rate fell to 9.5 percent -- the lowest rate in a year. The bad news? It only fell that much because so many people left the
Jul 31, 202022K Shares613.6K Views
The good news? The unemployment rate fell to 9.5 percent— the lowest rate in a year. The bad news? It only fell that much because so many people left the labor force, possibly out of discouragement.
In June, employers cut a total of 125,000 jobs, the most since October. But the number is a bit difficult to parse, since 225,000 temporary census worker positions ended. Private businesses added 83,000 jobs, more than in May but fewer than in March and April. All in all, 652,000 people left the labor force.
A total of 14.6 million Americans were looking for work in June. The economy has eight million fewer jobs than when the recession started. It takes 100,000 new jobs a month to keep up with long-term growth in the labor force, and around 200,000 jobs a month to cut into the unemployment rate.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
Latest Articles
Popular Articles