US economy adds around 206,000 jobs last month, surpassing market expectations
(MENAFN) The US Economy added 206,000 jobs in June, surpassing market expectations, according to the latest data from the labor Department released on Friday. Analysts had anticipated a gain of 191,000 nonfarm payrolls for the month.
However, May's job additions were revised downward by 54,000, from an initially reported 272,000 to 218,000.
Despite the increase in job numbers, the unemployment rate inched up to 4.1 percent in June from 4 percent in May, contrary to expectations of it remaining unchanged.
The number of unemployed individuals rose slightly to 6.8 million in June, compared to 6.6 million in May. Meanwhile, the labor force participation rate saw a slight uptick from 62.5 percent to 62.6 percent during the same period. The employment-population ratio held steady at 60.1 percent.
In a positive sign, the number of people not in the labor force but wanting a job decreased by 483,000 to 5.2 million.
Government employment led job gains in June with an increase of 70,000 positions, followed by health care with 49,000 jobs and social assistance with 34,000.
Average hourly earnings for all employees on private nonfarm payrolls rose by 0.3 percent to USD35.00 per hour in June, up from May. On an annual basis, earnings showed a notable increase of 3.9 percent compared to June 2023.
President Joe Biden acknowledged the job report, stating that while progress has been made with record job creation during his administration, challenges remain. He emphasized efforts to combat rising living costs by addressing corporate pricing practices, capping prescription drug costs, and advocating for increased housing availability.
Biden highlighted that the US has achieved the highest workforce participation rate in over two decades, underscoring ongoing efforts to strengthen economic resilience and inclusivity amidst broader economic dynamics.
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