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The June jobs report blew apart expectations of economists as it showed the economy added 224,000 new jobs. Economists predicted only 160,000 jobs.
Unemployment crept up to 3.7% from 3.6%. However, the revisions are the noisy part of the report. The Labor Department trimmed 8,000 jobs from the April report and 3,000 from May.
June - Report - Employers - Jobs - Months
With the June report, employers have now “added jobs for 105 straight months, by far the longest streak on record.”
From The Wall Street Journal:
Nonfarm - Payrolls - June - Labor - Department
Nonfarm payrolls rose by 224,000 in June, the Labor Department said Friday. The gain was stronger than economists had projected. Meanwhile, the jobless rate last month ticked up from a 50-year low to 3.7% in part because more Americans entered the labor force to look for a job. Wages advanced 3.1% from a year earlier, consistent with the prior month’s pace.
After very strong job growth in 2018, when employers added an average of 223,000 jobs a month, gains have been uneven this year, averaging 172,000 jobs a month through June. May’s dismal gain, revised down to 72,000, stoked fears that the labor market and the broader U.S. economy were quickly cooling.
Number - Comfort - Martha - Gimbel - Economist
The latest jobs-creation number provides comfort that is not happening, said Martha Gimbel, economist at job-search site Indeed.com.
“In this expansion, the labor market always seems to deliver a pretty solid number right when we need it,” she said. “While job growth may be slowing, it’s not plummeting off a cliff.”
Light - Jobs - Report - Employment - Sector
Manufacturing finally cast a bright light in a jobs report as employment in that sector went up 17,000 in June after a stagnant four months.
Professional and business services also experienced a bump with 51,000 jobs in June compared to 24,000 in May. This sector has only averaged 35,000 jobs a month this year while it averaged 47,000 in 2018.
Construction - Spot
Construction remains a hot spot as it added...
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