The U.S. economy created 209,000 new jobs in June, down from a downwardly revised 306,000 in May, according to the Bureau of Labor Statistics (BLS). This also came in below the consensus estimate of 225,000.
The unemployment rate slipped to 3.6 percent, down from 3.7 percent, and matched economists’ expectations.
BLS noted that the change in total non-farm payroll employment levels for April and May were revised down by 77,000 and 33,000, respectively.
Average hourly earnings remained unchanged at a higher-than-expected 4.4 percent year-over-year. On a month-over-month basis, average hourly earnings rose 0.4 percent to $33.58. Average weekly hours inched higher from 34.3 to 34.4.
Job gains were led by government (60,000), health care (41,000), social assistance (24,000), construction (23,000), and professional and business services (21,000). Retail trade lost 11,000 workers, while transportation and warehousing shed 7,000 employees. Manufacturing payrolls increased by 7,000….