US: 206K Jobs Added, Unemployment Increases to 4.1% in June
The Facts
The US Labor Department announced on Friday that the economy added 206K jobs in June, but also revised down job creation for April and May by a combined 111K. Unemployment increased from 4% to 4.1% last month, the highest rate since November 2021.
The unemployment rate for teenagers was 12.1%; for adult women and men, it was 3.7% and 3.8%, respectively; and for Whites, Asians, Hispanics, and Blacks, it was 3.5%, 4.1%, 4.9%, and 6.3%, respectively.
The Spin
Democratic narrative
These numbers paint a positive picture of the future. A remarkable amount of people have returned to work after COVID, and they're enjoying rising wages. Meanwhile, the Fed has used interest rate policies to cool the economy. Despite unstoppable global issues, labor participation under the Biden administration is strong and inflation is simultaneously trending downward.
Republican narrative
These numbers are nothing to brag about. Since Biden took office, inflation has gone up 20% and inflation-adjusted wages have gone down largely because of Democrats' unnecessary money printing after COVID. The economy's slight improvements haven't stopped voters from feeling the effects of inflation, so Biden must be held accountable.
