FOREX TradingCharts.com

Financial News: U.S. Job Growth Continues Reacceleration In June

U.S. Job Growth Continues Reacceleration In June

07/02/2021 - 09:36:00 (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.

Following the decrease in employment seen last December, the pace of job growth has bounced back to its highest level since last August.

The stronger than expected job growth was partly due to significant increases in employment in leisure and hospitality and public and private education, which added 343,000 jobs and 269,000 jobs, respectively.

Notable job growth was also seen in professional and business services, retail trade, and other services, the Labor Department said.

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

The unexpected uptick in the unemployment rate came as the labor force increased by 151,000 persons, while the household measure of employment actually edged down by 18,000.

"While a combination of labor supply constraints - including the virus fear, unemployment benefits, childcare issues and early retirements - is still constraining employment these headwinds should gradually ease in the coming months," said Lydia Boussour, Lead U.S. Economist at Oxford Economics.

She added, "Still, the return to a pre-Covid environment won't happen overnight and we should be prepared for labor demand and labor supply to be bumpy in the second half of the year as the economy gradually returns to a new post-pandemic normal."

The report also showed average hourly employee earnings rose $0.10 or 0.3 percent to $30.30 in June. Annual wage growth accelerated to 3.6 percent in June from 1.9 percent in May.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Portugal GDP Rebounds In Q2 (01 hr(s), 15 min(s), 03 sec(s) ago)
(RTTNews) - Portugal's economy expanded in the second quarter after contracting in the previou ...Full Story»

Austria Economy Rebounds In Q2 (01 hr(s), 33 min(s), 03 sec(s) ago)
(RTTNews) - Austria's economy rebounded strongly in the second quarter to exit a recession, pr ...Full Story»

U.S. Consumer Sentiment Drops Slightly Less Than Initially Estimated In July (02 hr(s), 42 min(s), 03 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story»

Chicago Business Barometer Unexpectedly Indicates Faster Growth In July (03 hr(s), 03 min(s), 03 sec(s) ago)
(RTTNews) - A report released by MNI Indicators on Friday unexpectedly showed a notable accelerati ...Full Story»

Italy GDP Growth Accelerates In Q2 (03 hr(s), 59 min(s), 03 sec(s) ago)
(RTTNews) - Italy's economy expanded at a faster pace in the second quarter, the preliminary e ...Full Story»

U.S. Personal Income Unexpectedly Inches Higher In June (04 hr(s), 06 min(s), 03 sec(s) ago)
(RTTNews) - Personal income in the U.S. expectedly saw a slight increase in the month of June, acc ...Full Story»

Eurozone Economy Bounces Back From Pandemic Driven Downturn (04 hr(s), 14 min(s), 03 sec(s) ago)
(RTTNews) - The euro area economy recovered in the second quarter, after two straight quarters of ...Full Story»

U.S. Personal Income Unexpectedly Inches Up 0.1% In June (04 hr(s), 45 min(s), 03 sec(s) ago)
(RTTNews) - Personal income in the U.S. expectedly saw a slight increase in the month of June, acc ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Portugal GDP Rebounds In Q2

07/30/2021 - 12:07 PM (RTTNews)
(RTTNews) - Portugal's economy expanded in the second quarter after contracting in the previou ...Full Story>>

Austria Economy Rebounds In Q2

07/30/2021 - 11:49 AM (RTTNews)
(RTTNews) - Austria's economy rebounded strongly in the second quarter to exit a recession, pr ...Full Story>>

U.S. Consumer Sentiment Drops Slightly Less Than Initially Estimated In July

07/30/2021 - 10:40 AM (RTTNews)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story>>

Chicago Business Barometer Unexpectedly Indicates Faster Growth In July

07/30/2021 - 10:19 AM (RTTNews)
(RTTNews) - A report released by MNI Indicators on Friday unexpectedly showed a notable accelerati ...Full Story>>

Italy GDP Growth Accelerates In Q2

07/30/2021 - 09:23 AM (RTTNews)
(RTTNews) - Italy's economy expanded at a faster pace in the second quarter, the preliminary e ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.