Jobs Report Disappoints, Participation Rate Falls to Lowest Since 1977

Posted: July 2, 2015 in Economics

The unemployment rate, which is derived from a separate Labor Department survey of households, fell from 5.5 percent and is the lowest since April 2008. The decrease reflected fewer Americans in the labor force.

The participation rate, which indicates the share of the working-age people in the labor force, decreased to 62.6 percent, the lowest since October 1977, from 62.9 percent. Labor force participation slumped among teens, with a more moderate decrease among men 20 years and older.

Government payrolls were little changed in June after a 4,000 increase in May. Employment at state and local agencies is often influenced this time of year by swings in the timing of school closings for summer recess.

Retailers increased payrolls by 32,900. Employment in leisure and hospitality rose 22,000.

Factories increased payrolls by 4,000 after a 7,000 gain a month earlier. Manufacturing and mining have been hurt by cutbacks in drilling and exploration following the plunge in oil prices.

Full Story @ [Bloomberg]

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