Newsroom
July 03, 2014
Unemployment drops, labor force expands in June
July 7, 2014 – The unemployment rate dropped from 6.3 percent to 6.1 percent in June as the labor force grew by 81,000 workers.
Thursday's data showed non-farm payrolls increased by 288,000 in June. Results for both May and April were revised upward.
NAFCU Senior Economist Curt Long, who analyzed data from the Bureau of Labor Statistics for a NAFCU Macro Data Flash, found that while the business services sector grew the most, many job gains were concentrated in lower-paying sectors such as retail and leisure and hospitality.
"The strengthening in the labor market is a welcome development, but at this point it is unlikely to alter the Federal Reserve's plans for increasing short-term rates," Long wrote. (The Federal Open Market Committee has kept the federal funds target rate at a range of 0 to 0.25 percent since 2008.)
Total private-sector employment went up by 262,000 in June, and the business services sector went up by 67,000 jobs. Retail saw an increase of 40,000 jobs, and the leisure and hospitality sector had an increase of 39,000 jobs. The job gains were broad-based, with the diffusion index (a measure of how many sectors saw job growth) rose from 62.9 in May to 64.8 in June.
Thursday's data showed non-farm payrolls increased by 288,000 in June. Results for both May and April were revised upward.
NAFCU Senior Economist Curt Long, who analyzed data from the Bureau of Labor Statistics for a NAFCU Macro Data Flash, found that while the business services sector grew the most, many job gains were concentrated in lower-paying sectors such as retail and leisure and hospitality.
"The strengthening in the labor market is a welcome development, but at this point it is unlikely to alter the Federal Reserve's plans for increasing short-term rates," Long wrote. (The Federal Open Market Committee has kept the federal funds target rate at a range of 0 to 0.25 percent since 2008.)
Total private-sector employment went up by 262,000 in June, and the business services sector went up by 67,000 jobs. Retail saw an increase of 40,000 jobs, and the leisure and hospitality sector had an increase of 39,000 jobs. The job gains were broad-based, with the diffusion index (a measure of how many sectors saw job growth) rose from 62.9 in May to 64.8 in June.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.