In June, the economy added 147,000 jobs, with the unemployment rate decreasing to 4.1%. Predictions had estimated only 118,000 jobs would be added, indicating a stronger job market than anticipated. Changes in employment were largely in healthcare and social assistance, creating 59,000 new positions, while leisure and hospitality added 20,000. Conversely, manufacturing and federal jobs saw declines. Despite job losses in manufacturing contradicting tariffs aimed at growth, the overall job market appears resilient and better than forecasts.
The jobs market is like the energizer bunny. Every single time we expect it to run out of steam, it just keeps going and going, with 147,000 jobs added in June.
The unemployment rate was expected to go up, but it didn't. It went down to 4.1%. That is a very healthy number, below the 4.3% that we had expected.
Many of the job gains for June were in the healthcare and social assistance field, which added 59,000 positions. Leisure and hospitality also added 20,000.
Big picture, when you put it all together, this is a lot better than expected and suggests that this jobs market is holding out better than feared.
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