US non-farm payroll employment grew 850k in June, well above expectation of 675k. Prior month’s figure was also revised up from 559k to 583k growth. Total employment was up by 15.6% since April 2020, but down by -6.5m, or -4.4%, since pre pandemic level in February 2020.
BLS also said, “notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services.”
Unemployment rate rose to 5.9%, up from 5.8%, above expectation of 5.6%. But number of unemployment person was little changed at 9.5m. Labor force participation rate was unchanged at 61.6%. Average hourly earnings rose 0.3% mom, versus expectation of 0.4% mom.
