The U.S. Bureau of Labor Statistics reported that 287,000 nonfarm* jobs were added to the economy last month. This figure far surpasses the estimates and is a major increase from the 11,000 jobs that were added in May. Though there was an increase, the unemployment rate increased by .2% to 4.9%. The increase is due to more people entering the labor force.
The most significant job growth was reported in the leisure and hospitality, health care and social assistance and financial activities sectors. The construction industry saw no change in June. However, as compared to a year ago the unemployment rate has fallen significantly. Construction unemployment in June 2015 was 6.3%; in June 2016, construction unemployment is 4.6%.
*Nonfarm- A statistic by the U.S. Bureau of Labor Statistics representing the total number of paid U.S. workers of any business, excluding: general government employees, private household employees, employees of nonprofit organizations that provide assistance to individuals and farm employees
For more information, visit The Bureau of Labor Statistics website.
Related- May Unemployment News
Related- April Unemployment News