The Labor Department released its unemployment report for June on Friday. It showed the economy produced about 206,000 new jobs. The unemployment rate inched up by 0.1% to 4.1% for the month. Here are the relevant statistics for June 2024:
SIZE OF THE CIVILIAN WORK FORCE:
168,009,000
OFFICIAL NUMBER OF UNEMPLOYED WORKERS:
6,811,000
OFFICIAL UNEMPLOYMENT RATE:
4.1%
DEMOGRAPHICS OF OFFICIAL UNEMPLOYMENT:
Adul men...............3.8%
Adult women...............3.7%
Teens (16-19)...............12.1%
Whites...............3.5%
Blacks...............6.3%
Asians...............4.1%
Hispanics...............4.9%
Less than HS diploma...............5.9%
HS graduate...............4.2%
Some college...............3.4%
Bachelor's deg. or more............... 2.4%NUMBER OF MARGINALLY-ATTACHED WORKERS (unemployed but not counted):
1,508,000
MORE REALISTIC NUMBER OF UNEMPLOYED WORKERS (official + marginally-attached):
8,319,000
MORE REALISTIC UNEMPLOYMENT RATE:
4.95%