U.S. Jobs Market Indicate Employees Still Need Resources

According to the U.S. Bureau of Labor Statistics’ (BLS) report released last week, U.S. employers added 209,000 jobs in June. Although lower than the two previous months’ growth (employers added 306,000 jobs in May and 217,000 in April), the numbers could be an indication that the labor market is slowing down.

Most of the jobs that were added in June were in government, health care, social assistance, and construction. Nonfarm employment has grown by an average of 278,000 per month over the first 6 months of 2023, lower than the average of 399,000 per month in 2022.

Employment in professional and business services (where library workers fit) changed little in June (+21,000). Monthly job growth in the industry has averaged 40,000 thus far in 2023, down from 62,000 per month in 2022. 

On the other end of the employment scale, both the unemployment rate, which was 3.6 percent in June (down from 3.7 percent in the previous month), and the number of unemployed persons at 6.0 million, changed little in June also. The unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.1 million, also changed little in June and accounted for 18.5 percent of the total unemployed. 

In terms of wages, average hourly earnings for employees rose by 12 cents, or 0.4 percent in June. Over the past 12 months, average hourly earnings have increased by 4.4 percent. 

The BLS reported that in May, the Consumer Price Index for All Urban Consumers increased 0.1 percent, seasonally adjusted, and rose 4.0 percent over the last 12 months not seasonally adjusted. This means that technically, wages outpaced inflation over the last year. However, the Federal Reserve which meets later this month, is expected to raise interest rates again after pausing at its previous meeting.

What do all these numbers mean in real terms for our individual finances? We’re probably still feeling the pinch in our pockets. Many families are still struggling to meet monthly expenses. Workers continue to be stressed when it comes to finances. Employers need to continue to provide resources for their staff and find ways to help their employees manage their stress.

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