Financial News: U.S. Employment Jumps More Than Expected In June

U.S. Employment Jumps More Than Expected In June

07/05/2024 - 08:38:00 (RTTNews)

(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment in the U.S. jumped by more than expected in the month of June, although the report also showed another unexpected uptick by the unemployment rate.

The Labor Department said non-farm payroll employment shot up by 206,000 jobs in June after surging by a downwardly revised 218,000 jobs in May.

Economists had expected employment to climb by about 190,000 jobs compared to the spike of 272,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate crept up to 4.1 percent in June from 4.0 percent in May. Economists had expected the unemployment rate to remain unchanged.

With the unexpected increase, the unemployment rate reached its highest level since hitting a matching rate in November 2021.

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