July 10, 2023
According to the U.S. Bureau of Labor Statistics (BLS), the US unemployment rate declined slightly in June to 3.6% and the number of unemployed persons in the US stood at 6.0 million, lower than the 6.1 million reported for May 2023. Since March 2022, the unemployment rate has varied between 3.4% and 3.7%.
Total nonfarm payroll employment climbed by 209,000 in June with the government, healthcare, social assistance, and construction industries all seeing continued growth in employment.
Government employment saw an increase of 60,000 in June. State and local governments both added 27,000 jobs and 32,000 jobs, respectively. On a monthly basis, the government has increased employment by an average of 63,000 jobs so far in 2023, more than double the average monthly increase of 23,000 in 2022. However, government employment is 0.7% below its pre-pandemic February 2020 level.
Employment in the health care industry trended upward with 41,000 jobs added in June 2023. The largest job growth occurred in hospitals, which added 15,000 jobs. The industry added an average of 42,000 jobs per month so far in 2023, down from the average gain of 46,000 per month in 2022.
The social assistance industry increased its employment by 24,000 persons in June. The increase was traced mostly to a gain of 18,000 in the individual and family services. An average of 22,000 jobs monthly has been added by the social assistance industry so far in 2023 relative to the average of 19,000 per month in 2022.
Within the construction industry, employment continued to trend upward with 23,000 jobs added in June 2023. Jobs from residential specialty trade contractors continued its upward trend with an addition of 10,000 jobs. Employment in the construction industry has increased by an average of 15,000 per month so far in 2023, while in 2022 it increased by an average of 22,000 per month.
According to the U.S. BLS, “Retail trade employment changed little in June (-11,000). Employment continued to decline in building material and garden equipment and supplies dealers (-10,000) and in furniture, home furnishings, electronics, and appliance retailers (-5,000). Motor vehicle and parts dealers added 6,000 jobs. Overall, employment in retail trade has shown little net change over the year.”
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