The Labor Department announced that 223,000 jobs were added in June. This was a tad lower than expected and also lower than May’s jobs report. In May, 254,000 jobs were added.
The unemployment rate fell two-tenths of a percentage point to 5.3%, the lowest since April 2008. The decline came from the increase in jobs and also as people left the workforce. 432,000 people left the civilian labor force in June and the labor force participation rate declined to 62.6%. This is the lowest participation rate since 1977.
Republicans have used the declining participation rate to say the the jobs outlook is not as good as the unemployment rate would indicate.
Wages increased by two percent. However, this is less than the healthy minimum of 3.5%. Wage growth has been lacking in the recovery and it has led to increased income inequality.
The monthly Jobs Day came a day early this month due to the Fourth of July weekend. The report was released Thursday, rather than the typical first Friday of the month.