U.S. Nonfarm Payrolls Rises 288,000 in June; Unemployment Rate Drops to 6.1%
Employment in the U.S. topped expectations in June as the labor market soared 288,000 amid expectations of a 215,000 rise. At the same time, the employment rate dropped to 6.1 percent versus forecasts of holding steady at 6.3 percent, falling to a new post-recession low of 6.1%. The report bodes well for the economy as it is evidence that the momentum was gained in the second quarter.
Diving into the breakdown of the report, May’s reading was revised to 224,000 from 217,000, with April’s report also showing a revision of 304,000 from 282,000. Average hourly wages pushed higher by 2 percent year-over-year, and the amount of involuntary part-time workers rose 275,000 in June to 7.5 million.
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