US Jobs Growth Exceeded Forecasts in June, Jobless Rate Unexpectedly Grew
US jobs growth accelerated last month. The official data showed, that nonfarm payrolls (NFP) rose by 213k in June and exceeded economists’ forecast of 200k jobs. The figures were also above the 177k positions that the ADP report indicated on Thursday. The previous month’s reading of NFP was revised to 244k from the 223k registered initially.
The private sector created 202k new job in June. Analysts had forecast the creation of just 190k new private sector jobs. Government payrolls increased by 11k last month, compared to the prior creation of 5k public positions in May.
The jobless rate grew from 3.8% to 4.0%, missing consensus expectations for it to remain unchanged. Average hourly earnings rose by 0.2% month-on-month in June, below expectations of 0.3% growth. On an annualized basis, wage inflation grew 2.7% in June, in line with the prior month’s advance but below expectations for a 2.8% rise.