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- U.S. nonfarm payrolls increase more than expected in June
U.S. nonfarm payrolls increase more than expected in June
The U.S. Labor
Department announced on Friday that nonfarm payrolls increased by 224,000 in
June after a downwardly revised 72,000 gain in the prior month (originally an
increase of 75,000). It marked the biggest increase since January.
According to
the report, notable job gains occurred in professional and business services
(+51,000 jobs in June), in health care (+35,000), and in transportation and
warehousing (+24,000).
At the same
time, the unemployment rate rose to 3.7 percent in June from 3.6 percent in May.
Economists had
forecast 160,000 new jobs and the jobless rate to stay at 3.6 percent.
The labor force
participation rate edged up to 62.9 percent from 62.8 percent in May, while
hourly earnings for private-sector workers rose 0.2 percent m-o-m (6 cents) to
$27.90, following a revised
0.3 percent m-o-m gain in May (originally a 0.2 percent m-o-m increase).
Economists had forecast a 0.3 percent m-o-m advance in the average hourly
earnings. Over the year, average hourly earnings have increased by 3.1 percent,
the same pace as in May.
The average
workweek was unchanged at 34.4 hours in June, in line with economists’ forecast
of 34.4 hours.
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