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Here's where the jobs are for June — in one chart
The latest employment report for June reveals a mixed bag for the U.S. job market. Nonfarm employment expanded by 206,000, but the increase in jobs was limited. Healthcare and social assistance sectors saw a significant rise of 82,400 positions, while the government sector added 70,000 jobs. Conversely, industries like manufacturing experienced a decline in employment.
Healthcare and social assistance have played a vital role in the labor market's revival post-pandemic. Ambulatory health services saw an addition of 22,000 jobs, with hospitals increasing payrolls by 21,700. In the government sector, education contributed 17,200 new jobs, with both state and local governments also expanding their workforce beyond the education field.
On the other hand, professional and business services faced a setback, losing 17,000 jobs. LPL Financial's chief economist, Jeffrey Roach, highlighted a rise in the unemployment rate among individuals holding at least a bachelor's degree, indicating a slight cooling in the job market. Roach emphasized the importance of monitoring the labor market, especially when government payrolls play a significant role in sustaining it, without any catastrophic signals observed so far.
A potential positive aspect in the report was the construction sector, which added 27,000 jobs in June, surpassing the average monthly gain of 20,000 over the previous year as per the Labor Department's data.
Original Article: https://www.cnbc.com/2024/07/05/heres-where-the-jobs-are-for-june-in-one-chart.html
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