Today’s jobs report in charts
Non-farm payrolls for June were released Thursday, and by most accounts this was a great month for job growth. The economy added 288,000 jobs, way more than the 215,000 that were expected. Reuters has a full live blog of the commentary that came out after the report. Here are some of the best charts from the blog:
Almost every industry expanded this month, and many were at the high end of the range of monthly changes over the last four years.
Joe Weisenthal drew attention to this chart of average hourly earnings , as Fed chair Janet Yellen has indicated she wants to see an increase before she really believes the employment situation is solid. This month, earnings rose, but not by much. From the report: “Average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $24.45, following a 6-cent increase in May. Over the past 12 months, average hourly earnings have risen by 2.0 percent.”
The Center for American Progress published this chart, showing how high long-term unemployment (people out of work for 27 weeks or more) still is. Even with the unemployment rate down to 6.1 percent, the economy is still pretty far off from its pre-recession state.
Finally, the employment-to-population ratio for prime-age workers, which is generally trending up. The overall E-P ratio has stayed flat at 59 percent for a while, but that doesn’t factor in the fact that Baby Boomers are hitting retirement age, so the employment rate is naturally coming down. This shows some hope that people of working age are finding jobs and going back to work.