In June, total nonfarm payroll employment rose by 147,000, while the unemployment rate remained stable at 4.1 percent. Significant job gains occurred in state government and health care, despite federal government job losses. Excluding government hiring would have shown only 74,000 new jobs added. The slowing labor force growth indicates the unemployment rate may stay lower than anticipated unless significant layoffs occur. Immigration has decreased, and more baby boomers are retiring from the workforce, affecting overall labor supply.
Total nonfarm payroll employment increased by 147,000 in June, while the unemployment rate stayed stable at 4.1 percent. Job gains were seen in state government and health care.
The influx of state hiring, particularly in education, skewed the jobs report, indicating a much lower number of new jobs when excluding government hiring.
The slowing growth of the labor force suggests that the unemployment rate may remain lower than expected unless significant layoffs occur.
Immigration has slowed considerably, and more baby boomers are exiting the workforce, which is changing the dynamics of labor growth.
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