The Department of Labor reported new jobs growth expanding an unexpected 224,000 in June.  (Well above the generally accepted approximately 130-150,000 new jobs per month just to absorb the expanding workforce).  Non-seasonally adjusted figures for construction showed unemployment move back up to 4.0 percent [up 0.8 basis point from May, vs. lower by 0.7 basis points than a year ago in June 2018 when it stood at 4.7%].  Notwithstanding, the construction industry has added another 21,000 employees to its rolls in June.

Overall unemployment ticked-up one-tenth percent to 3.7 percent.  (As a result “unemployed persons” also added one-tenth to 6.0 million per the government count).  Meanwhile, the “labor force participation” rate improved one-tenth to 62.9 percent. [NOTE: The “labor force participation” rate works inversely to the overall unemployment figures, meaning: as it deteriorates, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer viewed/counted as unemployed by the DOL)].  The “employment to population ratio” remained the same at 60.6 percent. The average hourly earnings for employees has continued to increase in 2019, up for the year 3.1%.

Workforce Table Stats