On Friday, the Bureau of Labor Statistics released data showing that US job growth had slowed down in May. Despite this, the labor market remained strong as the economy added 206,000 jobs in June. The public sector saw the largest increase, with 70,000 jobs being added. The health care industry also contributed to this growth by adding 48,600 positions. However, the unemployment rate increased slightly to 4.1% from 4% in June. This was unexpected as economists had predicted that employers would add 190,000 jobs and keep the unemployment rate at 4%.
The wage growth was also slower than anticipated, with average hourly earnings rising only 0.1% for the month and an annual increase of 3.9%. This is a developing story that will be updated as more information becomes available.
