US Economy Adds 147,000 New Jobs, Unemployment Rate Dips to 4.1 Percent in June

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The Bureau of Labor Statistics revised the May number higher.

The U.S. job market remained strong in June, as labor conditions continued to hold up amid economic uncertainty.

The economy added a better-than-expected 147,000 jobs last month, according to Bureau of Labor Statistics data released July 3.

For the first time since February, the unemployment rate fell, slipping to 4.1 percent from 4.2 percent.

Economists had expected 115,000 new jobs and an unemployment rate of 4.3 percent, according to FactSet.

Last monthโ€™s print was up from the 144,000 reading in May, which was revised slightly higher from 139,000. The April figure was also adjusted higher by 11,000 to 158,000.

Government employment accounted for most of the June gains. Although headcount in the federal workforce declined by 7,000โ€”federal employment is down 69,000 this yearโ€”state and local government payrolls represented all of the increase.

Manufacturing payrolls fell by 7,000 for the second straight month.

The number of employed full-time workers advanced by 437,000, while employed part-time workers tumbled by 367,000.

Average hourly earnings rose 0.2 percent, down from 0.4 percent and below the consensus estimate. On a 12-month basis, average hourly earnings eased to a lower-than-expected 3.7 percent from 3.8 percent in the previous month.

The labor force participation rate slipped to 62.3 percent from 62.4 percent, and average weekly hours dropped to 34.2 from 34.3.

The number of long-term unemployedโ€”individuals out of work for 27 weeks or moreโ€”surged by 190,000 to 1.6 million and accounted for 23.3 percent of all jobless people.

People working two or more jobs jumped by 282,000 to 8.865 million.

In addition, the gap between employed U.S. and foreign-born workers narrowed slightly last month.

Employed U.S.-born workers soared by 830,000. Conversely, the number of employed foreign-born workers declined by 348,000.

By Andrew Moran

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