This archive report was first published on 6 July 2019.
Published on July 6, 2019, the June jobs numbers brought a welcome respite to those concerned about an economic slowdown.
Employers added a robust 224,000 jobs in June, a significant increase from the revised 72,000 in May, according to the Labor Department.
However, the unemployment rate edged up to 3.7 percent, primarily due to an increase in the number of people looking for work, rather than a decline in employment.
Notably, the manufacturing sector added 17,000 jobs after two consecutive months of minimal growth, suggesting that some of the negative survey results may not be translating into reduced hiring.
Despite the solid job market, wages have decelerated, with average hourly earnings rising only 3.1 percent over the past year, down from 3.4 percent in February.
Furthermore, labor force participation has stalled, with 79.7 percent of prime working-age individuals (ages 25-54) employed in June, down from 79.9 percent in February and below the 80.3 percent level at the start of 2007.
While the current job market is stronger than during the mid-2000s expansion, it does not show signs of bursting at the seams, and wages are not increasing at a rate that would indicate a tight labor market.
