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US job growth halves in June to 57,000

  • : Metals
  • 26/07/02

The US added 57,000 jobs in June, about half the number analysts expected, while revisions slashed gains from the prior two months.

Job gains in May were revised down by 43,000 to 129,000, and gains for April were revised down by 31,000 to 148,000, according to the Bureau of Labor Statistics (BLS).

Job gains have averaged about 36,000/month over the last 12 months, BLS said.

The job growth in June compared with about 110,000 median jobs forecast by analysts surveyed by Trading Economics.

The unemployment rate fell to 4.2pc in June from 4.3pc, BLS said.

"The recent upturn in labor demand now looks much weaker, after downward revisions," Pantheon Macroeconomics said in a note. Surveys and job openings measures "suggest that payrolls will continue to rise slowly."

Average hourly earnings increased by 3.5pc in June from a year prior.

Professional and business services added 36,000 jobs in June, while social assistance added 25,000 jobs. Health care added 22,000 jobs. Government added 8,000 jobs.

Manufacturing added 3,000 jobs, while mining lost 4,000 jobs, with oil and gas extraction down by 800 jobs. Construction added 11,000 jobs.

Computer and electronic products added 1,500 jobs.


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