Policy: Economy

Unemployment flat at 7.6 percent as 240,000 fewer Americans have full-time work

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Beltway Confidential,Conn Carroll,Jobs,Economy,Analysis,Unemployment

If you were looking for full-time work in the month of June, you probably were out of luck, according to the Bureau of Labor Statistics' monthly jobs report released Friday.

Overall, the nation’s employers added 195,000 jobs in June while the nation’s unemployment rate held steady at 7.6 percent. But beneath those top-line numbers, the job market still looks very weak. The number of Americans with full-time jobs actually fell 240,000 in June while the number of Americans with part-time jobs surged 360,000.*

June’s trend away from full-time work and towards part-time is not new in the Obama recovery. Since President Obama was sworn in, just 172,000 more Americans now have full-time work. That is a 0.1 percent job gain. Meanwhile, the number of Americans with part-time jobs has jumped 1.7 million, a 6 percent increase.

In another sign that the Obama recovery is still the weakest economic recovery since World War II, a broader measure of unemployment that includes both part-time employees looking for full time work, and everyone who has looked for work in the past year,  jumped from 13.8 percent to 14.3 percent last month. When Obama took office, just 14.2 percent of Americans fell into this category.

* The total number of jobs added by employers does not match the full-time and part-time jobs numbers because the full-time and part-time jobs numbers come from separate surveys. The 195,000 jobs created came from the BLS’s monthly survey of employers. The 240,000 full-time jobs lost number, as well as the unemployment rate number, both come from a separate BLS survey of American households.

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