Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Jobs report: One-third of the 206K adds in June were in government By: FOX Business July 05, 2024 at 11:03 AM EDT The June jobs report came in at 206K, higher than expected, though it also showed that nearly a third of those jobs were in government, while April and May reports were revised down The June jobs report revealed higher than expected job growth, with 206,000 new jobs created. However, a third of those jobs were in the government sector. Government employment rose by 70,000, which is far higher than the average of 49,000 over the last year. Government employment was boosted by local government, excluding education and state government. The healthcare sector added 49,000 positions, lifted by increased hiring in ambulatory healthcare services and at hospitals.TWO-THIRDS OF AMERICANS ARE FALLING BEHIND, CAN'T MAKE ENDS MEETConstruction payrolls increased by 27,000 jobs. But the retail sector shed jobs, as did manufacturing.Professional and business services employment declined by 17,000 jobs, with temporary help jobs dropping by about 49,000. That likely portends to slower payrolls gains ahead. Economists say the economy needs to create at least 150,000 jobs per month to keep up with growth in the working-age population, accounting for the recent surge in immigration.U.S. ECONOMY ADDS 206,000 JOBS: APRIL, MAY REVISED DOWNIn a good sign for the Federal Reserve and its battle against inflation, unemployment increased from 4% to 4.1%, and wage growth slowed to a rate not seen since 2021. Average hourly earnings rose 0.3% last month after advancing 0.4% in May. In the 12 months through June, wages increased 3.9%. That was the smallest gain in wages since June 2021 and followed a 4.1% rise in May. Wage growth in a 3%-3.5% range is seen as consistent with the Fed's 2% inflation target.CLICK HERE TO READ MORE ON FOX BUSINESSAlso notable was the downward revision from April and May. The April jobs report was revised downward from 165K to 108K, while the May jobs report was revised down from 272K to 218K. Reuters contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Jobs report: One-third of the 206K adds in June were in government By: FOX Business July 05, 2024 at 11:03 AM EDT The June jobs report came in at 206K, higher than expected, though it also showed that nearly a third of those jobs were in government, while April and May reports were revised down The June jobs report revealed higher than expected job growth, with 206,000 new jobs created. However, a third of those jobs were in the government sector. Government employment rose by 70,000, which is far higher than the average of 49,000 over the last year. Government employment was boosted by local government, excluding education and state government. The healthcare sector added 49,000 positions, lifted by increased hiring in ambulatory healthcare services and at hospitals.TWO-THIRDS OF AMERICANS ARE FALLING BEHIND, CAN'T MAKE ENDS MEETConstruction payrolls increased by 27,000 jobs. But the retail sector shed jobs, as did manufacturing.Professional and business services employment declined by 17,000 jobs, with temporary help jobs dropping by about 49,000. That likely portends to slower payrolls gains ahead. Economists say the economy needs to create at least 150,000 jobs per month to keep up with growth in the working-age population, accounting for the recent surge in immigration.U.S. ECONOMY ADDS 206,000 JOBS: APRIL, MAY REVISED DOWNIn a good sign for the Federal Reserve and its battle against inflation, unemployment increased from 4% to 4.1%, and wage growth slowed to a rate not seen since 2021. Average hourly earnings rose 0.3% last month after advancing 0.4% in May. In the 12 months through June, wages increased 3.9%. That was the smallest gain in wages since June 2021 and followed a 4.1% rise in May. Wage growth in a 3%-3.5% range is seen as consistent with the Fed's 2% inflation target.CLICK HERE TO READ MORE ON FOX BUSINESSAlso notable was the downward revision from April and May. The April jobs report was revised downward from 165K to 108K, while the May jobs report was revised down from 272K to 218K. Reuters contributed to this report.
