Economy
Unemployment and Payrolls From June Bring Great Progress in Jobs
Published:
Last Updated:
The U.S. Labor Department has released its June payrolls and unemployment report, and ADP’s gains on Wednesday turned out to be more accurate than many skeptics thought. Unemployment came in at 6.1%, the lowest since September of 2008. Nonfarm payrolls rose by a whopping 288,000 and private sector payrolls rose by 262,000.
Bloomberg was calling for unemployment to be flat at 6.3% in June versus 6.3% in May. The estimates for nonfarm payrolls were 211,000 and private sector payrolls of 210,000. The unofficial expectation should have ratcheted higher after Wednesday’s ADP report, even when you consider TrimTabs being more cautious.
Other labor Department data was in line with expectations. The average workweek was flat at 34.5 hours and hourly earnings rose 0.2% as expected. Here is a snapshot of the prior “employment” related reports or reports that included national employment related components in them over the past 10 days:
Stocks are higher, but not in any serious manner so far. S&P 500 futures were up one point and DJIA futures were up 14 after the news broke. The yield on the 10-year Treasury rose again to almost 2.63% after the news, up from 2.52% just on Monday.
ALSO READ: Ten Cities Where Foreign Companies Create the Most Jobs
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.