Job Growth Slows Down in June 2023

Job Growth Slows Down in June 2023

( – In June, there were 209,000 jobs added in the economy, marking the slowest job growth in a month since 2020. Wage growth has continued to climb through and unemployment rates are reaching a 50-year record low, according to the Bureau of Labor Statistics (BLS).

BLS reported that there was job growth in many industries, many of which were driven by the government. There was also a revision of the job growth in the past two months, which lowered the total jobs added to the economy by 110,000 jobs. Still, in May, there were 306,000 jobs added while in April there were 217,000 jobs. CBS News reported that according to a FactSet economist poll, the 209,000 jobs added in June was slightly above what was predicted.

Overall, the unemployment rate also remained approximately the same as it dropped to 3.6 percent from 3.7 percent the previous month month. This means that around 6 million people were still unemployed in the country. For the past year, the unemployment rate has remained somewhere between 3.4 and 3.7 percent.

In terms of wage growth, there was a slight increase of 0.4 percent which is higher than the 0.3 growth in the previous month. In the last 12 months, there has been an hourly wage-earning increase of 4.4 percent.

The Central Bank announced in June that they would be halting their interest rate hikes, but pointed out that if there was inflation in the following months, it was likely that an additional hike will take place. A July 5 report indicated that the Federal Reserve was planning to implement another hike this month.

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