June Jobs Report

The jobs report is out. For June, the U.S. economy created 372,000 net new jobs. Wall Street had been expecting a gain of 250,000.

The unemployment rate stayed at 3.6%.

The jobs number for April was revised lower by 68,000 and the May number was lowered by 74,000.

Here are some details. Private payrolls increased by 381,000. Average hourly earnings increased by 0.3%. Over the last year, earnings are up 5.1%.

The U-6 rate fell to 6.7% which is a new cycle low.

By sector, education and health services led job creation, with 96,000 hires, while professional and business services added 74,000 positions. Other contributors included leisure and hospitality (67,000), Health care (57,000), and transportation and warehousing (36,000).

Other sectors showing strong gains included manufacturing (29,000), information (25,000) and social assistance (21,000). Government jobs fell by 9,000.

There was some disparity in the numbers: The headline figure for job creation under the BLS’ establishment survey was strong. But the survey of households showed a decline of 315,000, leaving the total jobs count 755,000 shy of its February 2020 pre-pandemic level.

Posted by on July 8th, 2022 at 9:02 am


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