288,000 Non-Farm Payroll Jobs Created in June; Unemploymet Rate Drops to 6.1 Percent

lalaThe U.S. economy added  288,000 non-farm payroll jobs in June, beating the forecast of 230,000 from briefing.com while the U.S. unemployment rate dropped 0.2 percentage points to 6.1 percent in June, marking the lowest level since September 2008, according to the U.S. Bureau of Labor Statistics.

Over the past 3 months, job growth has been robust, averaging 272,000 jobs per month.

In May the economy added 217,00 non-farm payroll jobs while the unemployment rate held steady at 6.3 percent.

Employment gains were revised higher by 29,000 for the two previous months of April and May.

April was revised from 282,000 to 304,000, and May was revised higher from 217,000 to 224,000.

The labor force participation rate in June was 62.8 percent for the third straight month.

Employment in professional and business services for June increased by 67,000 while retail employment rose by 40,000.

Employment in food services and drinking establishments gained 33,000 jobs in June.

The health care sector added 21,000 jobs.

The average workweek for all employees on private nonfarm payrolls in June was 34.5 hours for the fourth consecutive month.

Average hourly earnings for all employees on private nonfarm payrolls increased by 6 cents in June to $24.45, matching the 6 cent increase in May.

During the past 12 months, average hourly earnings have increased  by 2.0 percent.

Average hourly earnings for private-sector production and nonsupervisory employees increased by 4 cents to $20.58 in June.

Yesterday , private payroll processor ADP reported that 281,000 private sector jobs were created in June, beating the estimate of 200,000 from briefing.com. and marking the highest level since November 2012.

-Johnathan Schweitzer

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