Strong Job Gains Posted in June
The U.S. economy added 206,000 jobs, slightly down from May but still strong, according to data from the Labor Department, reports The New York Times. On the other hand, unemployment surpassed 4 percent for the first time since November 2021; it currently sits at 4.1 percent.
This is the 42nd consecutive month of job growth. The White House lauded these gains.
“We have more work to do, but wages are growing faster than prices, and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in over 20 years,” said President Joe Biden in a statement. He added, “too many Americans are still feeling squeezed by the cost of…living.”
Economists, similarly, responded positively to the news while providing insight into the unemployment rate.
“These numbers are good numbers,” said Claudia Sahm, chief economist for New Century Advisors. She added, however, that “the importance of the unemployment rate is it can actually tell us a bit about where we might be going” noting that this rate “has been drifting up since 2023.”
Additionally, the Labor Department showed that wage growth has cooled with average hourly earnings rising 0.3 percent from the previous month and 3.9 percent from the previous year compared to a 4.1 percent year-over-year change in May. Full Story (Subscription Required)