Adobe Stock

Total nonfarm payroll employment increased by 372,000 in June, slightly less than the 390,000 jobs added in May, according to the latest jobs report from the U.S. Bureau of Labor Statistics (BLS). The unemployment remained unchanged for the third consecutive month at 3.6%.

“June’s jobs figures came in above expectations but down slightly from last month,” says Nikolas Scoolis, manager, housing economics for Zonda. “The most recent data shows that the private sector has now fully recovered from the pandemic-induced losses.”

The number of unemployed persons remained essentially unchanged at 5.9 million in June. The unemployment rate and number of unemployed individuals are little different from their values in February 2020 (3.5% and 5.7 million, respectively).

“[The] jobs report from the Bureau of Labor Statistics showed robust job gains in June totaling 372,000; though, as expected, this was a slight deceleration from the prior month’s pace,” says Doug Duncan, chief economist at Fannie Mae. “Job gains were broad-based across sectors, with the largest gains concentrated in education and health services (+96,000), professional and business services (+74,000), and leisure and hospitality (+67,000) sectors. Notably, the retail trade sector saw job growth of 15,400 this month, showing that last month’s steep decline may have been a one-off.”

Read More