U.S. Economy Outperforms Forecasts, Adding 147K Jobs in June
(MENAFN) The U.S. economy exceeded expectations by adding 147,000 jobs in June, according to data released by the Labor Department on Thursday. This figure outpaced market forecasts, which had predicted a gain of 111,000 nonfarm payrolls for the month.
Revisions to May’s numbers also showed a slight uptick, with job additions revised upward by 5,000—bringing the total from 139,000 to 144,000.
"Job gains occurred in state government and health care. Federal government continued to lose jobs," the department stated.
Meanwhile, the unemployment rate dipped to 4.1% in June, a decrease from 4.2% in May, and came in lower than economists had anticipated.
The number of unemployed individuals remained largely unchanged at 7 million in June, while the labor force participation rate held steady at 62.3%.
Additionally, the employment-to-population ratio remained constant at 59.7%, as per the Labor Department.
The number of people outside the labor force but seeking employment stood at 6 million in June, a figure that showed little fluctuation.
"These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job," the department explained.
Wage growth continued its upward trajectory, with average hourly earnings for all employees on non-farm payrolls rising by 0.2% to $36.30 in June compared to May. Year-over-year, wages were up by 3.7%.
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