Tag: job creation

U.S. Economy Adds 223,000 Jobs in June; Unemployment Rate falls to 5.3%

The American economy, this month entering its seventh year of recovery from the Great Recession, still has some legs: Employers in June added a solid 223,000 jobs across a broad spectrum of service industries.

But Thursday’s Labor Department report, released a day earlier than usual because of the Fourth of July holiday, showed that those legs are a bit wobbly. Workers’ earnings, after a promising increase in May, were flat last month.

In fact, many experts had been looking for an uptick in the labor force — those who are working or looking for work — as the unemployment rate has dropped and private-sector employers have added a decent batch of new jobs month after month. But instead, the so-called labor participation rate fell sharply last month to the lowest level since October 1977.

That drop, along with stagnant average wages, points to softness in the economy — and is likely to give Federal Reserve officials pause in raising interest rates this September, as many analysts had forecast.

“The 223,000 payroll numbers were nice, but outside of that, it was pretty flat,” said Harry Holzer, professor of public policy at Georgetown University. “Labor markets remain too weak to put consistent pressure on wages.”

The overall job growth in June was in line with analysts’ expectations and provided a reassuring sign that hiring had bounced back from the winter slowdown and remained steady at a time of rising global turmoil. The eurozone is in the throes of the Greek debt crisis, and China and other emerging economies are weakening.

Encouragingly, the hiring in June was broad-based. It was led by business and professional services, a group that includes high-paying engineers and computer designers as well as lower-wage temporary-help workers.

Retail, healthcare and finance businesses also added a healthy batch of jobs. But the energy industry continued to downsize; employment in manufacturing slowed, and construction and government were flat.

Continue reading “U.S. Economy Adds 223,000 Jobs in June; Unemployment Rate falls to 5.3%”

Minority Business Development Agency Announces Record Client Performance

minority business development agency jobs

The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) increased its efforts last spring to bolster its support of minority business owners with a grant competition, and it reported record job creation for those businesses for fiscal year 2012. The MBDA’s good work in that arena was highlighted once more after a record-setting fiscal year in 2013 that saw the agency help lead the creation and retention of 25,704 jobs.

On Tuesday, the MBDA released a press release reporting on the agency’s job creation, the capital it provided the businesses, and the contract support given to participants in the programs. More than $4.8 billion in capital and contract awards were doled out, leading to the agency’s highest job-creation goal in its 45-year history.

More from MBDA’s National Director, David A. Hinson:

“These FY13 figures illustrate the crucial role MBDA continues to play in helping minority-owned businesses create jobs and strengthen local communities nationwide. This outstanding performance is a hallmark of the Obama administration’s efforts to help strengthen small- and- medium-sized businesses, which are fueling our economic recovery.

In total under the Obama administration for the years between FY 2009 and FY 2013, the MDBA has helped business owners and participants gain $19.4 billion in contracts and capital, which led to the creation and/or retention of 58,752 jobs.

A full version of the MBDA’s Annual Performance Report will be released at a later time.

article by D.L. Chandler via newsone.com