On Friday, the Bureau of Labor Statistics released data showing that while job growth in the US had slowed in June, the labor market remained strong. The economy added 206,000 jobs that month, down from a revised May total of 215,000. Despite this dip in job growth, signs of strength were still evident.
The unemployment rate increased to 4.1% from 4% in June, marking the first time it had been above 4% since November 2021. Economists had predicted that employers would add 190,000 jobs and that the unemployment rate would remain at 4%. However, this did not happen as job gains in June were more widespread than in previous months, with the public sector seeing the largest increase and adding 70,000 jobs.
Within the public sector, local government jobs excluding education saw the biggest increase and added 34,100 jobs. The health care industry also contributed to overall growth by adding 48,600 positions. Unfortunately for workers seeking wage increases, wage growth was slower than anticipated with average hourly earnings rising only 3.9% annually instead of economists’ predictions of a higher percentage increase.
As more information becomes available on this developing story about US job growth and labor market trends in June 215
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