This job creation United States of America Slowed down significantly in JuneAlthough the rate has decreased by one tenth 3.6%According to data released this Friday by the Bureau of Labor Statistics (BLS).
So in the sixth month of the year 209,000 net jobs created, 130,000 less than in MayAt a time when the effects of the US Federal Reserve’s (Fed) interest rate hikes to reduce inflation on the labor market are closely examined.
The net job creation figure is below the average for the last six months. 278,000 jobs created.
in 2022 the average was 399,000 Jobs created per month Therefore, even if the unemployment rate remains low, the effects of rate hikes will already be affecting job creation.
Although the numbers are worse than expected, President Joe Biden congratulated the data and reminded that a total of 13.2 million jobs have been added to the US economy since he took office in January 2021.
Reminding that the unemployment rate remained below 4 percent for 17 consecutive months, the president said, “There are more jobs in two and a half years than any president has created in four years.” period since the 1960s.
“Here’s Bidenomic: Doing Growing the economy by creating jobs, reducing costs for working families and making smart investments‘, Biden said, referring to the term he’s popularized in recent weeks to refer to economic policies.
Unemployment fell one-tenth in June after rising to three in May, according to the BLS. The office reminded that since May 2022, this indicator has always fluctuated between 3.4% and 3.7%.
In total, 6 million Americans were unemployed at the end of June, a month when employment in the government, health, welfare and construction sectors continued to rise.
Average hourly earnings of all employees on private nonfarm payrolls in June up 12 cents, or 0.4%up to $33.58.
Average hourly earnings over the past 12 months rose 4.4% at a time when inflation was 4%, according to the latest May data.
Since peaking at 9.1% in June 2022, inflation has been falling as a result of a series of rate hikes by the Fed to keep prices down.
At its last meeting in mid-June, the Fed decided to temporarily halt increases, although it warned that further increases were likely to be necessary. Rates range from 5% to 5.25%, the highest since mid-2006.
These possible new increases will depend on macroeconomic figures such as unemployment or inflation. The Fed will hold its next meeting on July 25 and 26..