Jul 7, 2023
Here Are the Key Takeaways From US Jobs Report for June
Bloomberg News
,(Bloomberg) -- Here are the key takeaways from the US employment report for June released Friday:
- Payrolls climbed by 209,000 in June, below economists’ forecasts but still rising at a healthy clip. The unemployment rate fell to 3.6%. Average hourly earnings rose 4.4% on a year-over-year basis, up from a 4.3% pace in May.
- The relatively strong job gains, coupled with the re-acceleration of wages and the drop in unemployment cements the case for a Fed hike this month and will add to the conversation about more tightening being needed later this year. This is a labor market that’s still very tight.
- Minority workers saw sharp gains in unemployment, with Black workers in particular now seeing several months of weaker employment. Women overall had a strong month, though, with the prime-age participation rate reaching a fresh high.
- Most industries added jobs, with health care and government driving gains. The leisure and hospitality industry added a meager 21,000 jobs, while construction employment rose by 23,000.
- Stock futures fluctuated following the print and were mostly flat at the open. Yields initially dropped across the Treasury curve, with the 2-year now down 3 basis points and longer-dated bond yields higher. A gauge of dollar strength has remained lower.
To access the full TOPLive blog, click here to read on the Terminal or here online.
--With assistance from Emily Graffeo.
©2023 Bloomberg L.P.