June Jobs Report: Employment growth has risen despite economic uncertainty
Tom Birkin, president and CEO of the Federal Reserve Bank of Richmond, interprets the market impact of President Donald Trump’s economic policies on the “Craman Countdown.”
The US economy added jobs at a faster pace than in June than in recent months, despite economic uncertainty due to trade, taxes and monetary policy.
The Labor Department reported Thursday that its employers added 147,000 jobs in June. That figure exceeded the estimates of economists voted by the LSEG, which is projected to add 110,000 jobs.
The unemployment rate has been slightly lower, reaching 4.1%. This was lower than the economists’ 4.3% expected.
Both employment increases over the past two months have been revised, with job creation in April increasing by 11,000 from 147,000 to 158,000 profits. And the profits of employment increased by 5,000 from gains of 139,000 to 144,000. Taken together, employment in April and May was 16,000 more than previously reported.
Private sector salaries increased 74,000 jobs in June, lower than the 105,000 jobs that LSEG economists projected into the private sector.
Government salaries were expanded in June with 73,000 jobs at all levels of the government. The federal government has eliminated 7,000 jobs and the sector has reduced its employment by 69,000 since its peak in January, but the Bureau of Labor Statistics says federal employees are receiving paid leave or retirement benefits. The state government added 47,000 jobs, primarily through education (+40,000), but education employment in local governments also increased (+23,000).
Manufacturing took away 7,000 jobs in June, down a steeper slope than the 5,000 job losses predicted by LSEG economists.
This is a developing story. Please check for updates.