By Tom Burnett CFA
On July 5, 2024, the Bureau of Labor Statistics released its Employment Report for June 2024. The economy added 206,000 new jobs, bringing total employment to 159.4 million. The number of unemployed workers remained at 6.8 million and the rate moved up to 4.1%, from 4.0% in the prior month. The rate one year ago was 3.6%. Over the past 12 months, the average monthly gain was 220,000.
Manufacturing job numbers and weekly hours were unchanged from May.
Average hourly wages for non-farm payroll workers rose by $0.10 to $35.00, an increase of 3.7% from one year ago.
Revisions to previous reports totaled a reduction of 111,000 from the prior totals.
The next Employment Report will be issued on August 2, 2024.
Tom Burnett CFA is Director of Research.