In the first month of this year's summer, America's non-farm payrolls were higher than expected. But on the other hand, unemployment was growing.
In June, 206 thousand new jobs in non-agricultural sectors appeared in this country, or fifteen thousand more than expected. However, at the same time, the data of the previous two months were reduced, ie April by 57 thousand to 108 thousand, and May – from 272 to 218 thousand.
Meanwhile, unemployment in America rose from four percent to 4.1 percent in June, compared to May, when the rate was expected to remain the same. This is the highest level since October 2021.
The so-called unemployment rate, which includes those workers who work part-time but would like to work full-time and those unemployed who would like to work but have given up hope of finding a job and are not actively looking for one, in America in June, compared to the previous one, and again did not change and reached 7.4 percent. This is the highest level since November 2021.
The average hourly wage in this country in the sixth month of this year, as expected, grew by 0.3 percent (the month before – 0.4 percent), and the annual growth slowed down from 4.1 to 3.9 percent (the lowest since June 2021), which corresponded to the average of forecasts. The labor market participation rate increased from 62.5 to 62.6 percent.
In the American private sector, jobs increased by 136 thousand in the first month of summer, or less than expected, as this indicator was forecast to reach an average of 160 thousand. May data were adjusted from 229 to 193 thousand.
Seventy thousand jobs were created in the public sector last month, compared to twenty five thousand the month before. Meanwhile, the factory cut the number of workers by eight thousand, when it was expected to increase by six, and in May their number increased by eight thousand.
In June, American health care jobs increased by 49,000, social assistance – by 34,000, and construction – by 27,000. On the other hand, the number of employees decreased in retail trade (nine thousand) and professional and business services (seventeen thousand).
The average monthly increase in new jobs this year is 222 thousand, compared to 251 thousand in 2023 and 377 thousand a year earlier.
