US Unemployment Rate Drops to 6.1% – People Not in Labor Force Rises to New Record
The US unemployment rate dropped to 6.1% in June the lowest level since September 2008.
However the number of people not in the labor force also rose to a fresh record high of 92,120,000 up 111,000 since June.
The drop in the unemployment rate was once again due to the number of Americans who dropped out of labor force.
The Wall Street Journal reported:
U.S. employers added jobs at a robust clip in June, a sign of improving labor-market strength as the economic recovery heads into its sixth year.
Nonfarm employment advanced a seasonally adjusted 288,000 last month, the Labor Department said Thursday. May’s gain was revised up to 224,000 from 217,000, while April’s improvement was upgraded to 304,000 from 282,000. That was the strongest gain since January 2012.
The unemployment rate, obtained from a separate survey of households, fell to 6.1% in June, the lowest level since September 2008. The improvement reflected more people finding jobs while the size of the workforce remained relatively steady.