June Jobs Growth Tops Expectations

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The Bureau of Labor Statistics reported nonfarm payroll enrollment rose by 850,000 in June. The total is a marked increase from a revised 583,000 in May.

The 850,000 jobs topped the Dow Jones analyst consensus estimate of 706,000, but the unemployment rate ticked up. Analysts expected the rate to fall slightly from May’s 5.6%; instead, the jobless rate rose to 5.9% in June.

“Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services,” Bureau of Labor Statistics Commissioner William Beach said.

The leisure and hospitality sectors led the way in June, adding 343,000 jobs as pandemic-related restrictions continued to ease in some parts of the country. Job gains continued in food services and drinking places (+194,000); accommodation (+75,000); and arts, entertainment, and recreation (+74,000).

Educational hires rose as well, with local government education (+155,000), state government education (+75,000) and private educate (+39,000) totaling 269,000 new jobs in June.

Construction employment the only sector to see losses, down 7,000 jobs in June.

Average earnings rose 0.3% from the previous month and were 3.6% higher than June 2020.

May’s job total was revised up by 24,000 jobs while April’s revisions dropped 9,000 to 269,000.

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