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Nonfarm payrolls show biggest gain of 2016 with 287,000 jobs added in June

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Nonfarm payrolls show biggest gain of 2016 with 287,000 jobs added in June

U.S. employment shot up in June, beating expectations andstanding in stark contrast to the disappointing jobs .

Total nonfarm employment rose by 287,000 in June, according tothe latest Employment Situation report from the U.S. Labor Department. Thenonfarm unemployment rate rose slightly to 4.9%.

According to Econoday data madeavailable by Bloomberg, the consensus estimate called for the creation of180,000 jobs in the month. Over the past three months, the economy has added anaverage of 147,000 jobs per month.

During June, the labor force participation rate increased0.1 percentage point to 62.7%, while the employment-population ratio fell 0.1percentage point to 59.7%.

 

The Labor Department revised the gain in May to only 11,000jobs, from the previously reported gain of 38,000. April's number was revisedupward to a gain of 144,000 from a gain of 123,000.

The number of people employed part-time for economicreasons, or involuntary part-time workers, decreased by 587,000 to 5.8 millionin June, offsetting a rise in this group in May.

In June, 1.8 million people were marginally attached to theworkforce. Within this group, defined as those who wanted and were availablefor work and had looked for a job sometime in the past 12 months, there were502,000 discouraged workers, or people who are not currently looking for workbecause they believe no jobs are available for them.

The number of long-term unemployed, or those jobless for 27weeks or more, rose to about 2.0 million. They accounted for 25.8% of theunemployed.

Health care and social assistance employment rose by 58,000jobs in June, including 39,000 gains in health care alone. Financial activitiesemployment rose by 16,000. Information sector jobs rose by 44,000, reflectingthe return of workers from a strike.

Employment in professional and business services rose by38,000 jobs, and retail trade jobs rose by 30,000.

Employment in mining continued to fall, with a drop of 6,000jobs. Employment in construction, manufacturing, wholesale trade, government,and transportation and warehousing showed little or no change in June.

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