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US Employment Situation (Excerpts)

July 7 2024 - Total nonfarm payroll employment rose by 206,000 in June, and the unemployment rate also rose to 4.1 percent according to the U.S. Bureau of Labor Statistics. Job growth was seen in government, health care, social assistance, and construction.

Government employment rose by 70,000 in June, higher than the average monthly gain of 49,000 over the prior 12 months. Over the month, employment increased in local government, excluding education (+34,000) and in state government (+26,000).

Health care added 49,000 jobs in June, lower than the average monthly gain of 64,000 over the prior 12 months. In June, employment rose in ambulatory health care services (+22,000) and hospitals (+22,000).

Employment in social assistance increased by 34,000 in June, primarily in individual and family services (+26,000). Over the prior 12 months, social assistance had added an average of 22,000 jobs per month.

Construction added 27,000 jobs in June, higher than the average monthly gain of 20,000 over the prior 12 months.

Retail trade employment changed little in June (-9,000), after trending up earlier in the year. Furniture, home furnishings, electronics, and appliance retailers lost 6,000 jobs over the month, while warehouse clubs, supercenters, and other general merchandise retailers gained 5,000 jobs.

Employment in professional and business services changed little in June (-17,000) and has shown little change over the year. Temporary help services employment declined by 49,000 over the month and is down by 515,000 since reaching a peak in March 2022. Employment in professional, scientific, and technical services continued to trend up in June (+24,000).

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services.

In June, average hourly earnings for all employees on private nonfarm payrolls increased by 10 cents, or 0.3 percent, to $35.00. Over the past 12 months, average hourly earnings have increased by 3.9 percent. In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 10 cents, or 0.3 percent, to $30.05.

Source: Bureau of Labor Statistics, US Department of Labor



 
 




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