June Jobs Report: Better, but Millions of Workers Still on the Edge

By Joe Persky

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The June employment situation is largely consistent with recent trends.  It is not remarkable, but those recent trends are better than what we had become used to in the years following the deep losses of the 2007-2009 recession.  Employment over the last year has risen 2.5 million, while employment growth for the last three months has averaged about 270,000 jobs, as the economy recovered from the harshest months of the winter. The report today suggests that the 2014 first quarter GDP decline of 2.9% was not a sign of major weakening, but rather the result of the bad weather early in the year.         

The unemployment rate in June was 6.1%, down from 7.5% a year ago.  That said, the stickiness of the employment population ratio at 59.0% remains a harsh reminder that the “new normal” leaves millions of workers on the edge.  The employment population ratio is up only 0.5% since 2009 and still down 4% since 2007. 

The economy continues to tread water, without making significant progress.  The federal government refuses to provide the stimulus required by the situation.  Federal employment continues to fall, while state and local employment are recovering slowly.  Overall government employment remains below its 2007 level. 

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Joe Persky teaches economics at the University of Illinois at Chicago and is the president of the faculty union there. He is a founding member of CPEG. 

 

 

 

 

 

 

 

Individually signed posts do not necessarily reflect the views of DSA as an organization or its leadership. Democratic Left blog post submission guidelines can be found here.

 

M4A Chapter Activist Training Call: How to Pass a Medicare for All City Council Resolution

June 30, 2018

Saturday June 30th at 4pm ET/3pm CT/2pm MT/1pm PST

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In March, Philadelphia DSA members showed up in droves with healthcare workers, community members, and elected leaders to pass a Philadelphia city-wide resolution supporting the Medicare for All Act of 2017 and affirming universal access to healthcare as a human right. This victory showed that in a city where the poverty rate is over 26%, city council leaders learned where to stand when it comes to universal healthcare. To move a national campaign to win Medicare for All, we need to build support from a broad range of cities and municipalities across the country. With some research, planning, and lobbying, you could work with city council members to pass a resolution of support in your city too!

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