WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 372,000 jobs were added in June, fewer than the 384,000 jobs added in May. The overall unemployment rate remained at 3.6% (seasonally adjusted) for the fourth month in a row. The unemployment rate for women dipped slightly to 3.3%.
Overall, labor force participation remained unchanged at 62.2%. Women’s labor force participation dipped slightly to 51.3%. Both are still below pre-pandemic levels.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“These jobs numbers do not inspire confidence that the economy is ‘stronger economically than we have been in history’ as the Biden White House claims. Last month’s overall job growth was revised down, as was the month prior, signaling slowing hiring. Meanwhile, in some industries, such as technology, hiring freezes and layoffs are starting to stack up.
“88% of Americans say the economy is going in the wrong direction. Consumer sentiment slumped to a new record low last month. The savings rate is falling as households dip into their savings just to make ends meet each month because of stubborn, 40-year-high inflation. American families know the pain they feel at the gas pump and grocery store and the loss in their retirement portfolios.
“Dark and weakening economic conditions due to inflation and pandemic policies are also hampering our nation’s companies and small businesses. Some 2.1 million people could not work because their employers either shut down or lost business — up from 1.8 million in the previous month. The share of small business owners who expect better business conditions over the next six months hit a record low because of inflation.
“The resilience of employers and workers is being tested and no matter how hard they try to get ahead, government-driven inflation is holding them back.”
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.