June Data; US Non-Farm Payrolls Above Expectations

The US Department of Labor released the employment report for June. Non-farm payrolls in the United States increased by 372 thousand in June, exceeding expectations of 265 thousand.

Employment in non-farm sectors in the US increased by 372 thousand people in June, while the unemployment rate remained unchanged at 3.6 percent. Average hourly earnings increased by 0.3 percent compared to the previous month. The sectors with the highest employment growth in June were professional and business services, leisure and hospitality and health services. While some companies announced plans to reduce the number of employees in June, layoffs have so far increased largely in interest rate-sensitive sectors such as technology and housing. It is reported that many businesses in the US are still complaining that they are unable to fill vacancies because they cannot find employees and say there is a lack of qualified candidates.

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