Economy Watch: Economy Creates 220K Jobs in June

Job growth in June exceeded the average of 194,000 jobs created over the past three months, according to the Bureau of Labor Statistics latest jobs report. The April and May job numbers were also revised up.

Source: Bureau of Labor Statistics
Source: Bureau of Labor Statistics

Total employment increased by 222,000 in June, the Bureau of Labor Statistics reported on Friday. The change in employment for April was also revised up from a gain of 174,000 to 207,000, and the change for May was revised up from a gain of 138,000 to 152,000.

With these revisions, employment gains in April and May combined were 47,000 more than previously reported. Over the past three months, job gains have averaged 194,000 per month.

Employment increased in a number of sectors that promote office space absorption. For instance, employment in professional and business services continued to trend up in June (by 35,000) and has grown by 624,000 over the last 12 months. Employment in financial activities rose by 17,000 in June and has grown by 169,000 over the year.

Health care employment is also in a growth mode, though not quite as vigorously as last year. In June, health care added 37,000 jobs, and the sector has added an average of 24,000 positions per month in the first half of 2017, compared with a monthly average of 32,000 jobs in 2016.

The headline national unemployment rate was 4.4 percent in June, an uptick from 4.3 percent the month before, presumably because more people are looking for work now (the rate was 4.9 percent a year ago). The BLS’s more expansive U-6 unemployment rate came in at 8.6 percent, up from 8.4 percent in May, but down from 9.6 percent a year ago.