US economy continues its hot streak in June
Friday, July 07, 2017
The U.S. economy added 220,000 nonfarm jobs in June, according to the Bureau of Labor Statistics. Employment increased in healthcare (37,000), finance (17,000), social assistance (23,000) and mining (7,000). There are more than 146 million payroll jobs in the U.S. economy.
June's unemployment rate remained roughly the same at 4.4 percent versus May's rate of 4.3 percent, the BLS reported. The employment-population ratio, or percentage of the labor force with paid work, was 60.1 percent in June compared with 60 percent in May.
"People continue to return to the labor force as jobs continue to be made available," said David Resnick, an economist with the Center for Economic and Policy Research based in Washington, D.C. "This suggests that despite low unemployment, there is room for growth."
The BLS revised its total nonfarm payroll employment numbers for April (174,000-plus to 207,000) and May (138,000-plus to more than 152,000), in part due to recalculating seasonal factors.
The June BLS report includes data from its household survey and establishment survey. The former "includes self-employed workers whose businesses are unincorporated, unpaid family workers, agricultural workers and private household workers," that the establishment survey excludes.
In its national employment report, ADP reported that private-sector jobs rose 158,000 from May to June, most of which were in the service-producing sector. The payroll firm reported the U.S. economy created 203,000 private-sector jobs from April to May.
The ADP data closely tracks the BLS figures. "Over the past three months, job gains have averaged 194,000 per month," the BLS report said.
"The job market continues to power forward," said Mark Zandi, chief economist of Moody’s Analytics. ADP Research Institute produces a monthly analysis of the U.S. economy in conjunction with Moody's Analytics, which has been a nonratings part of Moody's Corporation for the past decade.
ADP adjusts its economic data to recalculate seasonal factors to more accurately measure the monthly change in total nonfarm private-sector employment.
For June, small businesses of 20-49 employees added 17,000 jobs versus 91,000 new hires for large businesses of 50-499 workers, according to the ADP report. Large companies with 500 or more employees added 50,000 new jobs.
Professional and business services created 69,000 jobs in June, with the sectoral subset of administrative and support services hiring 43,000 new workers. Trade, transportation and utilities added 30,000 jobs, with 28,000 new hires in education and health. The leisure and hospitality sector grew by 11,000 new hires in June.
National franchise employment grew by 18,800 jobs in June. Restaurants added 11,000 new jobs, and auto parts and dealers' employment grew by 6,300 workers. Food retailers' employment declined 300.
The U.S. goods-producing sector added a net of zero new employment in June. Manufacturing added 6,000 new jobs. Meanwhile, construction and natural resources and mining lost a total of 6,000 jobs.
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