Unemployment Rate Ticks Down In June
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The unemployment rate fell to 4.2% in June.
This was below the estimate of 4.3%.
The economy added 57,000 jobs in June.
The unemployment rate unexpectedly ticked down to 4.2 percent in June while the economy added 57,000 jobs, data from the Department of Labor said Thursday.
Economists had forecast 114,000 jobs and a steady unemployment rate.
The labor market in the U.S. has experienced a significant shift away from dependence on an immigration-driven workforce. Jobs numbers that may seem anemic compared with recent years may actually indicate healthy—even robust—growth under current conditions, according to economists.
Many economists now estimate the so-called “break-even” rate of job growth—the rate required to keep unemployment from rising—may be as low as zero. By contrast, when immigration was running at higher levels from 2021 through 2024, the economy needed to add more than 100,000 jobs monthly to keep pace with labor-force growth.
Government payrolls went up by 8,000 last month.
Manufacturing added 3,000 jobs.
Government payrolls grew by 8,000 jobs last month, while the increase of 52,000 in May was revised down to 32,000 jobs.
The manufacturing sector added 3,000 jobs in June, in line with the estimate of economists polled by LSEG. May’s figures were revised down from a gain of 7,000 jobs to a loss of 2,000.
