Vigilant news from the contemporary survey of US unemployment rate showed that US unemployment rate accelerated astonishingly to 6.1% which is the lowest rate of unemployment since 2008. The contemporary survey of US federal department showed that this year, in may and June, the number of jobs raised to 288,000 reducing the unemployment rate to an awe-inspiring extent of 6.3% in May and 6.1% in June , which is the lowest rate in US, since Oct 2008.
This discernible result of survey tells that private sector generated 224,000 jobs in May, while 262,000 jobs in June. In which average hourly earnings remained steady till 0.2% in May as well as in June, rising from six cents to 24.5$/hour which is incredible if we compare it with the data from 2008.
Now, we talk about the departments who contributed a lot in such a vibrant change in deduction of unemployment rate, these are professional business, retail business, Bars, restaurants, health care sector, transportation, finance and industries, which conjointly contributed in increasing the job vacancies for unemployed people.
According to latest survey these departments contributed much in reducing unemployment rate and accordingly professional business contributed 67,000 job positions for youth and fresh graduates of youth in USA, while retail business allocated 40,000 vacancies to unemployed people of USA, these two are the major contributors. On the other hand Bars and restaurants hired an amazingly amount of jobless people which is 33,000. In health care sector 2100 positions were made available for unemployed, in transport and finance there were 17,000 position made vacant for jobless people of USA, at last but not the least in industrial sector the number of vacancies made available for the unemployed people were 16,000.
This tremendous data collected by US unemployment survey team showed how sharply, US reduced its unemployment rate. Besides all above data there is an incredible increase in job vacancies in part time job sector which contributed an amazing amount of job positions available and also increased from 840,000 to 19.5 Million positions since Oct 2008. While labor force participation rate remained stable in June and May 2014 at 62.8%.
This is how the number of people who even stopped looking for job fell to 12 % since Oct 2008. This stunning raise in job positions showed how the level of under employed people raised from 275,000 to 7.5 Million.