Market Updates
U.S. Job Market Remain Strong Despite Weakening Economy
Brian Turner
08 Jul, 2022
New York City
Non-farm payrolls increased 372,000 in June, according to the Bureau of Labor Statistics.
The strong jobs report surpassed the 250,000 increase estimate that some economists had expected.
The jobless rate held at 3.6% for the fourth month in a row in June after strong hiring in professional and business services, leisure and hospitality, and healthcare.
Total number of unemployed remained at 5.9 million, matching the 3.5% jobless rate and 5.7 million unemployed in February 2020, jut before the onset of Covid-19 pandemic.
In June, the number of long-term unemployed, those without a for 27 weeks or more, was essentially unchanged at 1.3 million, 215,000 higher than in February 2020.
The long-term unemployed accounted for 22.6% of all unemployed persons in June.
The labor force participation rate, at 62.2%, and the employment-population ratio, at 59.9%, were little changed over the month.
Both measures remain below their February 2020 rates of 63.4% and 61.2%, respectively.
The number of persons not in the labor force who currently want a job was essentially unchanged at 5.7 million in June, higher than 5.0 million in February 2020.
About 158.11 million were employed and 5.9 million were unemployed at the end of June 2022, according to the Bureau of Labor Statistics data released today.
The bond yields rose after the release of sharply higher than expected job gains, fueling worries that the Fed will increase the rate by 75 basis points at its next meeting on July 26-27.
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