According to Bureau of Labor Statistics data released Friday, the US economy added 206,000 jobs in June, easing from a revised May tally of 215,000. The unemployment rate increased to 4.1% from 4%, marking the first time it was above 4% since November 2021. Despite this, the labor market remained strong.
Economists expected employers to add only 190,000 jobs with the unemployment rate remaining at 4%. However, job growth was more broadly based in June compared to previous months. The public sector accounted for the largest chunk of job gains, adding 70,000 jobs specifically in local government excluding education. Additionally, the health care industry added an impressive 48,600 positions.
Wage growth also cooled as predicted, with average hourly earnings rising only 0.1% for the month and slowing down to a yearly rate of just 3.9%. This story is still developing and will be updated as new information becomes available.