Employers Added 850,000 Jobs in June, Better Than Expected

Employers added 850,000 jobs in June, well above expectations, the Bureau of Labor Statistics reported Friday.

That compares to 559,000 jobs in May and forecasts of a 700,000 increase.

Meanwhile, the unemployment rate was slightly changed at 5.9%, up from its 5.8% rate in May.

“Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services,” the department said in its report.

The report was the third reading of the job market this week. Earlier, private payroll firm ADP said employers added 692,000 jobs. The Labor Department reported that first-time unemployment claims were 364,000 last week – a new pandemic low – after rising above 400,000 for the two prior weeks.

Late Friday morning, President Joe Biden praised the June jobs report and said recent efforts have helped move the economy forward.

“Since I’ve taken office, we have now created an average of 600,000 per month and more than three million since I took office,” he said. “This is historic progress, pulling our economy out of the worst crisis in 100 years.”

Biden noted that the Congressional Budget Office has doubled its projected economic growth and lessened the projected impact on the national deficit.

While some employers have complained they’re having trouble hiring workers, Biden said it’s good to have businesses compete for employees, which typically leads to higher wages and better working conditions.

 

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