Employers across the U.S. added 147,000 jobs in June, with the labor market remaining resilient despite slowing economic growth this year.
The numbers
Job growth was stronger than expected in June. Payroll gains sailed past the 115,000 predicted by economists polled by financial data firm FactSet. The number of jobs employers added last month is just above the average monthly gain of 146,000 over the last year, according to the Labor Department.
The unemployment rate ticked down to 4.1% from 4.2% in May, the lowest since February. The rate came in below economists’ forecast of 4.3%, according to FactSet
What it means
June’s employment data indicates that the labor market hasn’t slowed, despite warnings from economists. Employers continued to add jobs at a steady pace, as they have been for the last several months.
Government employment rose the most in June with 73,000 jobs added. All the while, the federal workforce continues to shed jobs — with 7,000 lost in the same month. This comes after massive cuts in federal jobs by the Department of Government Efficiency, or DOGE, earlier this year, which gutted several key agencies.
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
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