US Economy Adds 850K Jobs as Hiring Spree Accelerates

Following what were 10 straight months of subdued payroll figures, the Bureau of Labour Statistics finally did not disappoint, as the US economy added 850,000 new jobs in June, which is significantly more than the 720,000 that were forecast by economists polled by Bloomberg and nearly 50% higher than May’s payroll increase of 583,000.

Source: BLS

In a sign that America’s persistent labour shortages may soon be abating, nonfarm payrolls rose by 850,000 in June, amid strengthening job gains in the leisure and hospitality sector. Despite this, however, the unemployment rate rose to 5.9% as an increased number of Americans voluntarily abandoned their positions while the number of people actively searching for a job increased.

Source: BLS

The latest figures suggest that employers are finally gaining momentum in recruiting workers that were previously furloughed. The demand for labour has been booming, as employers attempt to keep up with the reopening of the economy, and the subsequent surge in consumer demand for goods and services. This has caused wage growth to also pick up, as businesses are forced to increase pay in an effort to attract applicants. The latest BLS jobs report showed that average hourly earnings rose 0.3% in June, marking a year-over-year increase of 3.6%.

However, total US payrolls are still 6.76 million below pre-pandemic levels, and although the latest gain significantly exceeds expectations, it still likely will not create added pressure on the Federal Reserve to pare back its current monetary policies.


Information for this briefing was found via the BLS and Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Canada’s Labour Market Recovery Falls Short of Expectations in July

Canada’s economy continued its rebound in July amid strong vaccination efforts, but the latest labour...

Sunday, August 8, 2021, 11:02:00 AM

Canadian Federal Government Extends CERB Payments For 8 More Weeks

As mentioned earlier, the Canadian federal government has been pushing a plan to extend CERB...

Wednesday, June 17, 2020, 03:49:00 PM

US Retail Sales Disappoint With 0.3% Growth As Household Incomes Continue to Decline

As new coronavirus infections continue to spiral out of control across the US, it appears...

Tuesday, November 17, 2020, 02:17:00 PM

Still Transitory? US Core Consumer Prices Jump By Most in 30 Years

All eyes today were on the Bureau of Labour Statistics’ latest CPI print, which showed...

Tuesday, July 13, 2021, 12:04:00 PM

Is Stagflation Here? US Nonfarm Payrolls Unexpectedly Plummet Sharply in August

US job growth was sent into a sharp decline in August, enormously missing even the...

Saturday, September 4, 2021, 03:13:00 PM