US job creation slows, but labour market continues to show signs of strength

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BancaMarch: Official data for June came in below expectations and the previous months’ figures were revised downwards. However, despite these data, the reading of the employment figures remains positive and shows a high level of dynamism. Specifically, 209,000 new jobs were created in June compared with 306,000 in the previous month and below the 230,000 expected. It should be noted that job creation in the private sector weakened more than expected, standing at 149,000 new jobs compared to the previous 259,000 and below the 200,000 expected.

Wage growth, on the other hand, increased by +0.4% month-on-month, keeping the year-on-year growth rate at +4.4%. As for the household employment survey, the unemployment rate fell by one tenth of a percentage point to 3.6%, still at historically very low levels.

This performance was due to an improvement in employment which, according to this survey, increased by +273,000 jobs, reversing part of the fall of 310,000 in May. The participation rate remained at 62.6%, but in the prime age group (population aged 25-55), this rate increased by one tenth of a percentage point to 83.5% and remains at levels above those seen before the pandemic.

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