\n<\/p>\n
US job growth slowed in June as employers added 57,000 new jobs \u2013\u00a0just about half of what economists had predicted \u2013 and the Bureau of Labor Statistics revised its figures from the past two months down by a total of 74,000.<\/p>\n
The country\u2019s unemployment rate dropped slightly to 4.2%, but the number of unemployed people changed little, according to the latest data, as 720,000 people left the labor force. The bureau revised the unexpectedly high May figures from 172,000 new jobs to 129,000, and revised the April figures from 179,000 to 148,000.<\/p>\n
Though the numbers fell short of economists\u2019s expectations, the average number of jobs added in the last three months was about 111,000, indicating a relatively strong job market despite economic uncertainty and higher inflation brought on by the war in the Middle East. The figures also remain much higher than the sluggish growth seen last fall and winter.<\/p>\n
Bar chart of US jobs over the past year<\/p>\n
Private employers added 98,000 jobs in June, according to data from payroll supplier ADP, and pay was up 4.4% year-over-year for those who have stayed in their jobs for the year. Workers in finance saw the highest increase in their annual pay, at 5%.<\/p>\n
The healthcare industry, which has so far been key in driving job gains, added 22,000 jobs in June \u2013\u00a0a slower pace than its average monthly gain of 38,000. The hospitality and leisure industry unexpectedly declined by 61,000, reflecting weaker than usual seasonal hiring despite the World Cup soccer matches hosted across the US.<\/p>\n
According to data from the Bureau of Labor Statistics, also released earlier this week, the number of job openings, hires and voluntary separations all changed very little in May, indicating that the economy is still in a \u201clow hire, low fire\u201d mode.<\/p>\n
\u201cThe pace of hiring is telling a story of both supply and demand. We know it\u2019s taking people longer to find work, but there also are signs of labor supply constraints in certain industries,\u201d said Dr Nela Richardson, ADP\u2019s chief economist. \u201cFor now, the overall effect is a slowdown in job creation.\u201d<\/p>\n
The latest jobs numbers make it all the more likely that the US Federal Reserve will continue to focus on inflation at its next meeting in late July. Last month, the Fed\u2019s new chair, Kevin Warsh, emphasized \u201cprice stability\u201d in his first press conference since taking office and said the central bank will continue to pursue its longstanding goal of a 2% inflation rate. But this week, he told a conference of central bankers that \u201cinflation risks have come down\u201d.<\/p>\n
skip past newsletter promotionFree newsletter | Around 2-3 times a day<\/p>\n
Sign up to Breaking News US<\/span><\/p>\n Get the most important news as it breaks<\/p>\n after newsletter promotion<\/p>\n Since February, the war in the Middle East has rapidly pushed up inflation, reaching a three-year high of 4.2% in May. Despite the fragile peace deal reached between the US and Iran, prices at the pump remain elevated and it\u2019s unclear whether the June inflation figures, which are scheduled to be released later this month, will reflect the latest negotiations.<\/p>\n In their June meeting, Fed officials also released projections indicating that most members believed that at least one rate hike would occur before the end of the year. The central bank has held rates steady since December.<\/p>\n","protected":false},"excerpt":{"rendered":" US job growth slowed in June as employers added 57,000 new jobs \u2013\u00a0just about half of what economists had predicted \u2013 and the Bureau of Labor Statistics revised its figures from the past two months down by a total of 74,000. The country\u2019s unemployment rate dropped slightly to 4.2%, but the number of unemployed people<\/p>\n","protected":false},"author":1,"featured_media":50854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[8725,1111,13257,2626,1845,2622,836,2625],"class_list":{"0":"post-50853","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-added","9":"tag-data","10":"tag-employers","11":"tag-employment","12":"tag-expected","13":"tag-jobs","14":"tag-june","15":"tag-unemployment"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/50853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50853"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/50853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/50854"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}