HomeNewsNationalEmployers Added 206,000 Jobs In June, But Unemployment Ticked Up To 4%

Employers Added 206,000 Jobs In June, But Unemployment Ticked Up To 4%

The U.S. economy added 206,000 jobs in June, slightly above economists’ expectations, according to the Bureau of Labor Statistics. However, the unemployment rate rose to 4.1%, marking the first time since November 2021 that it has exceeded 4%.

The job gains were largely concentrated in the government and healthcare sectors, which added 70,000 and 48,600 positions, respectively. However, some sectors, including manufacturing and retail, saw job losses.

Despite the slight increase in unemployment, the labor market remains strong. This marks the 42nd consecutive month of job growth, making it the fifth-longest employment expansion on record.

Wage growth cooled, with average hourly earnings rising 0.3% for the month and slowing to 3.9% on an annual basis, its lowest rate in three years. This slowdown in wage growth could set the stage for the Federal Reserve to begin cutting interest rates if it also results in slower inflation.

The labor force participation rate inched up to 62.6% from 62.5% after retreating by 0.2 percentage points in May. Through the first half of the year, the U.S. has added 1.3 million jobs at an average pace of 222,000 per month. However, April and May’s job gains were both revised lower by a combined 111,000 jobs.

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