Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

Unemployment Rate Rises to 5.9%


The June employment report revealed a smaller than anticipated 36,000 gain in nonfarm payrolls. Downward revisions to both April and May left the economy with 44,000 fewer jobs than originally reported.

The unemployment rate rose to 5.9% from 5.8%, as a sizable number of students hit the labor market during the month and likely had difficulty finding jobs.

Goods producers jobs fell by 10,000 during the month, thanks to a 23,000 drop in manufacturing employment. Construction payrolls expanded 14,000 after contracting since January. Service producers added 46,000 jobs, thanks to a 33,000 gain in service jobs and a 23,000 increase in government employment. Jobs in retail trade business fell 18,000 after a 22,000 drop.

Overall, the report was actually stronger than expected despite the disappointment over payrolls. The June gain in the workweek to 34.3 hours and the 0.4% gain in average hourly earnings are both consistent with monthly gains in the 0.4% area for personal income and industrial production. The hours-worked index rose a solid 0.3% for the month, and posted positive growth of 0.3% for the second quarter as a whole, versus the 0.5% rate of contraction in first quarter.

The data are consistent with 3% real GDP growth in the second quarter. From Standard & Poor's Global Markets


The Aging of Abercrombie & Fitch
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus