Latest data from the Bureau of Labour Statistics shows that job creation in the US is still strong, despite the Federal Reserve’s efforts to tame an overheated economy.
June’s nonfarm payrolls jumped by 209,000, slightly below estimates calling for an increase of 225,000 and less than the downwardly revised 306,000 reported in May. The unemployment rate, meanwhile, dipped slightly to 3.6%, in line with expectations but below the prior month’s reading of 3.7%.
Most of June’s employment gains were focused across the government sector, with the addition of 60,000 jobs. The healthcare sector added 41,000 jobs, while social assistance contributed 24,000 positions to the US labour market.
Wages, meanwhile, also rose by more than expected. Average hourly earnings increasing 0.4% to an annualized 4.4%, slightly more than the 0.3% forecast by economists but still unchanged from May’s upwardly revised print.
Information for this briefing was found via the BLS. 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.
