The US economy added 206,000 jobs in June, down from a revised May total of 215,000. Despite the dip in job growth, the labor market continued to show signs of strength. The Bureau of Labor Statistics data released Friday showed that the US job growth had slowed last month, but the unemployment rate remained stable at 4%.
Economists had predicted that employers would add 190,000 jobs and that the unemployment rate would remain at 4%. However, the job gains in June were more widespread than in previous months, with the public sector seeing the largest increase. This was driven by local government jobs excluding education adding 34,100 jobs and health care industry adding 48,600 positions.
Within the public sector, local government jobs excluding education saw the biggest increase, adding 34,100 jobs. The health care industry also added 48,600 positions. Wage growth was slower than anticipated, with average hourly earnings rising only 3.9% annually instead of the predicted rise of more than 5%.
This is a developing story that will be updated as more information becomes available.
