June jobs printed at 372,000 new jobs, well above the consensus estimate of 268,000. The unemployment rate was 3.6 percent, unchanged from last month, but down from last June’s 5.9 percent. The labor force participation rate was 62.2 percent, up from the 61.6 percent that printed in June 2021, but down 10 basis points (bps, defined as 1/100th of a percentage point) from last month.
The most jobs were gained in Education and Health Services at 96,000 (which includes Health Care and Social Assistance job of 77,800), which tend to be government supported, followed by professional and business services. See the chart below.
June Jobs by Average Weekly Wages from June 2022 BLS Data. (Copyright 2022, The Stuyvesant Square Consultancy)
April and May jobs were revised downward by 74,000 net jobs. The U-6 Unemployment Rate, which measures total unemployed, plus all persons marginally attached to the labor force, plus total employed part-time for economic reasons, ticked down to 6.7 percent from 7.1 percent last month, and down from 9.8 percent last year….