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

U.S. Employment Surges More Than Expected In June

07/02/2021 - 08:40:00 (RTTNews)

(RTTNews) - Reflecting the gradual reopening of the economy, the Labor Department released a report on Friday showing a continued reacceleration in the pace of U.S. job growth in the month of June.

The report showed non-farm payroll employment spiked by 850,000 jobs in June after surging by an upwardly revised 583,000 jobs in May.

Economists had expected employment to jump by about 700,000 jobs compared to the addition of 559,000 jobs originally reported for the previous month.

Meanwhile, the Labor Department said the unemployment rate unexpectedly inched up to 5.9 percent in June from 5.8 percent in May. The unexpectedly rate was expected to edge down to 5.7 percent.

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