Today the U.S. Department of Labor Statistics released its monthly jobs report, detailing the past month’s gains and losses. After a rough May, analysts were relieved to see some major improvements in the job market. Around 224,000 jobs were added in June surpassing estimates, the largest gain seen since January of this year. Unemployment saw a minor uptick with an increase to 3.7% but this is due in part to an increase in labor force participation. Wages, on the other hand, are not seeing the same meteoric rise. Wage growth increased slightly to 3.1% YOY, way below market expectations.
Overall, this month’s report is a strong economic showing. According to Tony Bedikian, head of global markets at Citizens Bank, “Today’s jobs report shows the U.S. economy continues to create jobs at a strong pace even as we enter the longest period of economic expansion on record.” Bedikian, as quoted by CNBC, continues to say that this improvement should calm those who are concerned of a Fed rate cut.
Learn more about the state of employment in our infographic below: