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- U.S. unemployment rate drops to 5.3% in June, 223,000 jobs are added
U.S. unemployment rate drops to 5.3% in June, 223,000 jobs are added
The U.S. Labor Department released the labour market data on Thursday. The U.S. economy added 223,000 jobs in June, missing expectations for a rise of 230,000 jobs, after a gain of 254,000 jobs in May. May's figure was revised down from a rise of 280,000 jobs.
The strongest job gains showed the services sector. Retailers added 33,000 jobs in June, the health-care sector added 40,000, while leisure and hospitality rose by 22,000.
The manufacturing sector added only 4,000 jobs.
The U.S. unemployment rate dropped to 5.3% in June from 5.5% in May. It was the lowest level since April 2008.
Analysts had expected the unemployment rate to decline to 5.4%.
The decline was driven by fewer people were looking for work.
Average hourly earnings were flat in June, missing forecast of a 0.2% gain, after a 0.2% rise in May. May's figure was revised down from a 0.3% increase.
The labour-force participation rate plunged to 62.6% in June from 62.9% in May. It was the lowest level since October 1977.
These figures are signs that the U.S. job growth slowed. The Fed may delay to hike its interest rate due to the weak wage growth figures and low inflation.
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