The US created 209,000 jobs in June, the lowest number since 2020
The Labor Department highlighted that the number of jobs generated was lower than May by 3.6%
The US economy generated 209,000 new non-agricultural jobs during the month of June, a figure lower than the 306,000 new jobs created in May and below market consensus expectations, although the unemployment rate fell by one tenth, up to 3.6%, according to data published by the Labor Department.
Thus, despite the fact that the US labor market continues to show signs of strength and has created jobs for 30 consecutive months, the data for the month of June represents the lowest number of new jobs since December 2020, which suggests that the The tightening of the Federal Reserve’s monetary policy is beginning to have an effect on hiring as well.
Likewise, the Labor Department reported that it has revised downward the employment data for the previous two months, lowering the data for April by 77,000 jobs, from 294,000 to 217,000, and that for May by 33,000, from 339,000 to 306,000. With these revisions, employment in April and May combined is 110,000lower than previously reported.
In the case of the unemployment rate, the data stood at 3.6% in June, compared to 3.7% the previous month. Thus, the US unemployment rate has fluctuated between 3.4% and 3.7% since March 2022.
The number of unemployed reached 5.95 million in June, compared to 6.097 million the previous month, including 1.1 million long-term unemployed (those without work for 27 weeks or more), which represented 18.5% of the total number of unemployed.
On its side, the number of people employed part-time for economic reasons increased by 452,000 to 4.2 million in June. Likewise, the labor force participation rate stood at 62.6% for the fourth consecutive month.
Source: dpa
(Reference image source: WALMART, dpa)
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