U.S. economy added 147K jobs in June |
In June, U.S. employers added 147,000 jobs, showcasing the labor market's resilience amid uncertainties surrounding President Donald Trump's economic policies. The Labor Department's monthly report also revealed that the unemployment rate decreased to 4.1%, down from 4.2% in May, with hiring surpassing economists' expectations. State government payrolls climbed by the most since the start of 2023, led by education, while employment at local governments also surged. Health care payrolls rose 59,000, the least in four months. Employment also moderated in leisure and hospitality, as a 20,000 increase in June followed a downward revision of similar size in May. Payrolls declined in manufacturing, wholesale trade and business services. Average hourly wages increased by 0.2% from May and 3.7% year-over-year, to $36.30. The Labor Department's weekly jobless report, meanwhile, revealed that initial claims for unemployment benefits fell 4,000 in the seven days to June 28th; the four-week moving average declined 3,750 to 241,500, while total claims, reported with a one-week lag, were unchanged at 1.964m.