AI Data Insight
The number of people unemployed for 15 weeks and over in the US dropped to 2.989 million in June, a slight improvement from the previous value of 3.065 million. However, nonfarm payrolls only added 57,000 jobs during the month, falling far short of expectations. The drop in the unemployment rate to 4.2% mainly reflects a massive exit of the labor force from the market. The difficulty for the long-term unemployed to return to the workplace remains high, and overall labor demand is weakening.