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Jogabhai Patel
Jul 09, 2023 4:30AM ET
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U.S. economy adds 209,000 jobs in June
Published Jul 07, 2023 08:33AM ET
Updated Jul 07, 2023 08:50AM ET
© Reuters.
Investing.com -- The U.S. economy added jobs at a slower-than-anticipated pace in June, but labor conditions remain largely tight as Federal Reserve officials prepare for an upcoming interest rate decision later this month.
The Labor Department's closely-watched employment report Friday showed that nonfarm payrolls rose by 209,000 last month, cooling from a downwardly revised mark of 306,000 in May. Economists had expected the figure to increase by 225,000. Meanwhile, monthly growth in average hourly earnings remained unchanged at 0.4%, while the unemployment rate decelerated slightly to 3.6% from 3.7%.
Fed policymakers have pointed to a loosening in the tight jobs market as a major objective of its recent year-long campaign of rate rises aimed at corralling elevated inflation. The Federal Open Market Committee voted to keep borrowing costs steady at their latest meeting, although the move was seen as a temporary measure to give officials more time to assess the impact of the increases on the broader economy.
Minutes from the Fed's June gathering, along with comments from Dallas Fed president Lorie Logan on Thursday, suggest that the central bank may be about to restart its rate-hiking cycle.
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Comments (26)
Charles Manson
Jul 07, 2023 7:55PM ET
Taco Bell, MacDonalds, Churches Fried Chicken .... Yeah ... No more long waits at the drive thru with sooooooo many folks working now. Biden's Economy. Heard they were "White Lining" at the Big House. Figures. Cluster Bombs for Ukraine? Alright! Gotta love a Good War.
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Peter Chau
Jul 07, 2023 3:19PM ET
No rate increase in July and rate decrease in sept
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Mark Gesswein
Jul 07, 2023 3:19PM ET
You wish. There will be at LEAST two more rate hikes before the end of 2023.
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Luke Knoep
Jul 07, 2023 1:07PM ET
Check out SMLR, AXR, and CCRD very interesting business models 👍
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Luke Knoep
Jul 07, 2023 1:07PM ET
*and great companies
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Desmond Piet
Jul 07, 2023 11:53AM ET
I see now okay hold on
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Jul 07, 2023 10:11AM ET
Can someone tell me how snice last March nfp have printed 4.5mill+ while in the same time unemployment is flat and participation rate is only up 0.2% and hours worked down 0.2? Where and all these jobs and people working them actually coming from?
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GodddLikeee GodddLikeee
Jul 07, 2023 10:11AM ET
🤡
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First Last
Jul 07, 2023 10:11AM ET
US pop is 334 million. 4.5 million is 1.3% of pop. The US pop has grown by 1% or more per year many times.
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Joe Rizzuto
Jul 07, 2023 9:41AM ET
so, how would you describe bidens pivot to social equity? thx for asking... corruption, fraudanomics, rampant incompetance and hypocrisy, first comes to mind. how about you?
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First Last
Jul 07, 2023 9:41AM ET
Biden's "pivot to social equity" happened decades ago. "corruption, fraudanomics, rampant incompetance and hypocrisy" -- That has been the previous potus and the retrumplicans..
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Joe Rizzuto
Jul 07, 2023 9:41AM ET
back in the closet for you
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First Last
Jul 07, 2023 9:41AM ET
Joe Rizzuto retrumplicans and the cancel culture ...
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Joe Rizzuto
Jul 07, 2023 9:41AM ET
yes, we gonna cancel the cancel culture. kufmud be even more duxmtuxkerd
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Joe Rizzuto
Jul 07, 2023 9:41AM ET
also, give urself a break, ur not the first lbxgtxq to be last.
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Elvis Durant
Jul 07, 2023 9:27AM ET
the same 291k that will be laid off comes labor day.....The irony.....
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First Last
Jul 07, 2023 9:27AM ET
It's 209k, not 291k. You're fired!
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Stephen Fa
Jul 07, 2023 9:26AM ET
The US inverted yield curve is important to forecast what is economic scenario most likely to come.
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Pinball Preparedness
Jul 07, 2023 9:22AM ET
The unemployment number is pure crap. They only count people collecting benefits. Most peoples benefits have run out. The ACTUAL number that was released earlier this week is that there are 106 MILLION people in the country that are able-bodied who dont have jobs. Our unemployment rate is at THIRTY percent, higher than it was in the Great Depression.
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Stephen Fa
Jul 07, 2023 9:22AM ET
The BLS survey response rates are still a record low range, making the accuracy suspect.
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Brad Albright
Jul 07, 2023 9:22AM ET
@pinball. You misunderstand how unemployment is calculated, so your rantings are unfounded.
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Brad Albright
Jul 07, 2023 9:22AM ET
@Stepehn: Pinball says unemployment is calculated only by counting people receiving benefits, not by a survey.
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First Last
Jul 07, 2023 9:22AM ET
Brad Albright A lot of people receiving benefits are also employed.
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First Last
Jul 07, 2023 9:22AM ET
"Millions of Americans who are working full-time jobs still rely on federal health care and food assistance programs because of low wages, a bipartisan congressional watchdog says.
A report from the Government Accountability Office found that about 70% of adult workers participating in Medicaid, which provides health care to low-income Americans, and the Supplemental Nutrition Assistance Program, also known as food stamps, are working full time. Most worked for private sector employers in places like restaurants, department stores and grocery stores, according to the report." -- www.cbsnews.com/news/millions-of-full-time-u-s-workers-receive-federal-health-care-and-food-assistance/
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