The Bureau of Labor Statistics reported non-farm payrolls increased by 850,000 in June, and the unemployment rate rose slightly to 5.9 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
Of note, May’s number was revised up slightly to a gain of 583,000.
“The June jobs report was a solid one, in line with expectations,” said Long. “Monthly growth was the strongest since last summer’s reopening, but a significant portion of the gain came from education payrolls as fewer teachers left their jobs at the end of the school year.
“While those positions add to the job gain totals, they do not affect the number of employed workers, which is one source of the discrepancy between strong job growth last month and an unemployment rate that failed to budge,” added Long.
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