U.S. Economy Added 209K Jobs in June
(NEWSnet) — The U.S. economy added 209,000 payrolls as the June jobs report came out Friday morning.
The number is below what was expected as economists forecasted 225,000 jobs would have been added.
The unemployment rate came in at 3.6%.
The sector-by-sector breakdown is of particular note.
Throughout last year, the significant growth was in the leisure and hospitality sector, a notoriously low-paying industry. The sector has not led growth in months.
Here’s the breakdown:
- The Government added 60,000 jobs.
- The healthcare sector came in second by adding 41,000 jobs — most of which are in hospitals.
- Social assistance added 24,000 jobs.
- Construction added 23,000 positions.
- Professional and business services added 21,000 jobs.
President Joe Biden weighed in on the report.
In a statement, the White House said:
“This is Bidenomics in action: Our economy added more than 200,000 jobs last month—for a total of 13.2 million jobs since I took office. That’s more jobs added in two and a half years than any president has ever created in a four-year term. The unemployment rate has now remained below 4 percent for 17 months in a row—the longest stretch since the 1960s.”
This all comes despite the news of fairly regular layoffs across corporate America that started in the fall.
The government’s report also raises questions about yesterday’s ADP report, which showed 497K jobs had been added — a stark difference from expectations and Friday’s jobs report.
Copyright 2023 NEWSnet. All rights reserved.