U.S. employers add 206,000 jobs in June

Across U.S., 206,000 jobs created in June. Stock image via Adobe.

America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying the U.S. economy’s ability to withstand continually high interest rates.

Last month’s job growth did mark a pullback from 218,000 in May. But it was still a strong gain, reflecting the resilience of America’s consumer-driven economy, which is slowing but still growing steadily.

Still, Friday’s report from the U.S. Department of Labor contained some signs of a slowing job market. The unemployment rate ticked up from 4% to 4.1%, a still-low number but the highest rate since November 2021. The rate rose in large part because 277,000 people began looking for work in June, and not all of them found jobs right away.

The national unemployment picture remains rockier than the Florida jobless picture. The most recent total unemployment figure for the Sunshine State showed a 3.3% jobless rate in May. That was unchanged from the April unemployment rate in the state. Florida has had a lower unemployment figure than the national rate for 43 straight months.

The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. And it said average hourly pay rose just 0.3% from May and 3.9% from June 2023. The year-over-year figure was the smallest such increase since June 2021 and will likely be welcomed by the Federal Reserve in its drive to fully conquer inflation.

The state of the economy is weighing heavily on voters’ minds as the presidential campaign intensifies. Despite consistent hiring, relatively few layoffs and gradually cooling inflation, many Americans have been exasperated by still-high prices and assign blame to President Joe Biden.

The consternation about the economy was present in a University of Florida survey published this week that saw consumer sentiment tick up slightly. But Florida residents are still skeptical about the economic picture as most say they are still hesitant to buy large-ticket items such as household appliances.

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Republished with permission of the Associated Press.