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June Job Growth Tops Expectations
The Department of Labor’s Bureau of Labor Statistics (BLS) reported Friday that the economy added 132,000 jobs in June, a stronger showing than the 120,000 jobs predicted by Reuter’s survey of economists.
The figures for June were higher than those initially released for April (80,000) and May (157,000). However, the Labor Department recently revised those numbers, reporting a job growth of 122,000 in April and 190,000 in May.
The unemployment rate held steady for June at 4.5%. The jobless rate has ranged from 4.4% to 4.6% since September 2006.
Overall, employment rose in health care and social
assistance, food services, and wholesale trade for the
month, as manufacturing continued to lose jobs.
Health care employment grew by 30,000 in June, with gains
in hospitals (14,000) and in nursing and residential care
facilities (8,000). Over the year, health care
employment has expanded by 371,000. Employment in
social assistance was up by 13,000 over the month, adding
84,000 jobs in the last 12 months.
Food services and drinking places added 35,000 jobs in June, and posted a 387,000 rise over the year.
Wholesale trade employment increased by 20,000, with gains in both its durable and nondurable components.
Professional and business services employment was
little changed in June. During the first six
months of 2007, job growth in the industry averaged
13,000 per month compared with an average of 42,000 per
month in the last half of 2006.
In financial services, employment in credit
intermediation and related activities fell by
9,000. This loss was partially offset by a job gain
in securities, commodity contracts, and investments,
which added 6,000 jobs.
Retail trade employment edged down in June, with
general merchandise stores losing 10,000 jobs over the
month, and there were smaller declines occurring among
other retail industries.
Manufacturing employment continued to trend down in June
by 18,000. Job losses occurred in several component
industries including primary metals (-5,000), computer
and electronic products (-4,000), wood products (-4,000),
and textile mills (-2,000). Partially
offsetting those declines, machinery added 6,000
jobs and beverages and tobacco products manufacturing
added 3,000 jobs over the month.
For the full BLS report visit http://www.bls.gov/news.release/pdf/empsit.pdf .