Economists consulted by the “WSJ” estimated the creation of 200 thousand jobs; unemployment rate rose to 4.1%
The United States created 206,000 jobs outside the agricultural sector in June. The result exceeded market expectations, which estimated the creation of 200,000 jobs, according to economists consulted by Wall Street Journal. It is lower than that recorded in May.
The government, healthcare, social assistance and construction sectors drove the result. The data was released this Friday (5.Jul.2024) by BLS (Bureau of Labor Statistics). Here is the full of the report (PDF – 287 kB, in English).
The unemployment rate in the country was 4.1%. The value is 0.1 percentage points higher than that recorded in May (4%).
The number of unemployed people in the country was 6.8 million in June. In the same period in 2023, the rate was 3.6% and the number of unemployed people was 6 million. The population’s direct participation in the labor force was 62.6%.
The average wage for nonfarm workers in the private sector in the United States rose to $35 an hour. That represents an increase of 0.3% from May and is up 3.9% from June 2023.
The BLS also presented, in its June report, a review of job creation in April and May. In the first month, it fell from 165,000 to 108,000. In the second month, there was a drop of 54,000 jobs – from 272,000 to 218,000.
US Economy
US GDP (Gross Domestic Product) grew by 1.4% in Q1 2024. The result is 0.1 percentage points higher compared to the 2nd estimate disclosed on May 30, when the index advanced 1.3%.
Inflation and interest rates
Annual inflation in the United States was 3.3% in May. The rate fell by 0.1 percentage points from the previous month, when it was 3.4% over the last 12 months. Monthly inflation was stable (0%). Data for June will be published on July 11.
On June 12, the Fed The Federal Reserve (Federal Reserve, the US central bank) kept US interest rates at a range of 5.25% to 5.50% – the same level since July 2023. The decision was unanimous. The monetary policy committee will meet again on July 30 and 31.
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