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The American employment landscape is constantly changing. Keep up-to-date with the most recent trends with our monthly Employment Update. All figures are provided by the Bureau of Labor Statistics and the America Staffing Association.
Both the unemployment rate, at 4.1 percent, and the number of unemployed people, at 6.8 million, changed little in June. These measures are higher than a year earlier, when the jobless rate was 3.6 percent and the number of unemployed people was 6.0 million.
The number of long-term unemployed (those jobless for 27 weeks or more) rose by 166,000 to 1.5 million in June. This measure is up from 1.1 million a year earlier. The long-term unemployed accounted for 22.2 percent of all unemployed people in June.
The labor force participation rate changed little at 62.6 percent in June, and the employment-population ratio held at 60.1 percent. These measures showed little or no changeover the year.
In June, average hourly earnings for all employees on private nonfarm payrolls increased by 10 cents, or 0.3 percent, to $35.00. Over the past 12 months, average hourly earnings have increased by 3.9 percent. In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 10 cents, or 0.3 percent, to $30.05.
The number of people employed part time for economic reasons, at 4.2 million, changed little in June. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
The number of people not in the labor force who currently want a job declined by 483,000 to 5.2 million in June. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Temporary help employment was 1.68% of total nonfarm employment in June.
Temporary help jobs in June decreased -7.7%, seasonally adjusted, from the same month last year.
Total nonfarm payroll employment increased by 206,000 in June, similar to the average monthly gain of 220,000 over the prior 12 months.
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Acara summarizes the latest industry trends each month to keep you informed as you make decisions about the future of your business.
Engaged business teams drive positive outcomes within organizations. Gallup estimates that low engagement costs the global economy US$8.9 trillion, or 9% of global GDP.
One of the fundamental principles of the American workplace is that a hard day’s work deserves fair pay. The Fair Labor Standards Act (FLSA) ensures that most workers who put in over 40 hours a week receive overtime pay. The Department of Labor’s (DOL) new overtime regulations are extending this promise to millions more salaried workers in the U.S.
In addition, the salary threshold for highly compensated employees (who are also exempt from overtime pay if they meet specific criteria) will rise from $107,432 to $132,964 per year on July 1, 2024, and to $151,164 per year on January 1, 2025.
Starting July 1, 2027, these thresholds will be updated every three years to reflect current wage data, ensuring they remain relevant and effective.