Economy
July 6, 2021
BLS: U.S. Job Creation Surges in June
Written by David Schollaert
The U.S. economy continued to push forward in June, the labor market recovery accelerating after a weaker-than-expected showing in April. Employers added a net 850,000 jobs last month, according to the Bureau of Labor Statistics (BLS), the most added in one month since last August and outpacing the consensus expectation from market experts.
Despite the surge in June’s new payroll numbers, the unemployment rate ticked up to 5.9% from 5.8% in May, due largely because approximately 150,000 people re-entered the labor force in June. Even so, the U.S. has now added jobs on net for six straight months, and June’s figure was only outpaced by the 1.5 million jobs created last August. A significant portion of the job gain in the domestic marketplace was concentrated in the leisure and hospitality sector again, with employment in restaurants, bars and entertainment/recreation facilities rising by 343,000 month on month. The education, professional and business services, retail, and social assistance industries also experienced boosts. Construction and motor vehicle manufacturing jobs contracted, however.
