The Bureau of Labor Statistics data released Friday showed that US job growth had slowed last month, but the labor market remained strong. 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 unemployment rate increased to 4.1% from 4% in June, the first time it had been above 4% since November 2021. Economists had predicted that employers would add 190,000 jobs and that the unemployment rate would remain at 4%. The job gains in June were more widespread than in previous months, with the public sector seeing the largest increase, adding 70,000 jobs.
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 0.1% for the month and 3.9% annually.
This is a developing story that will be updated as more information becomes available.