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US adds 195,000 jobs in June US adds 195,000 jobs in June
(35 minutes later)
The US economy added a net 195,000 new jobs in June, official figures show.The US economy added a net 195,000 new jobs in June, official figures show.
The figure was well above market expectations for just 165,000. Revisions to data for April and May added a further 70,000 jobs to previous estimates.The figure was well above market expectations for just 165,000. Revisions to data for April and May added a further 70,000 jobs to previous estimates.
The unemployment rate held steady at 7.6% of the workforce, according to the data from the Bureau of Labor Statistics.The unemployment rate held steady at 7.6% of the workforce, according to the data from the Bureau of Labor Statistics.
The dollar jumped on the news, the euro falling two-thirds of a cent to $1.283.The dollar jumped on the news, the euro falling two-thirds of a cent to $1.283.
The news was received positively on Wall Street, where the Dow, S&P 500, and Nasdaq all trended slightly higher. Markets took the data as further evidence that the US recovery is gathering pace, raising expectations that the US Federal Reserve may raise interest rates within the next 12 months.
Economists had been paying close attention to the number this month due to concerns that the US Federal Reserve might begin to end its policy of propping up the US economy by keeping interest rates extraordinarily low. The yield on 10-year Treasury bonds - the US government's cost of borrowing, and an indication of market expectations about the Fed's future interest rate moves - jumped as the jobs report was published, hitting its highest level since August 2011.
The news was received positively on Wall Street, where the Dow, S&P 500, and Nasdaq all trended slightly higher in the futures market ahead of the start of trading on the stock exchanges.
Economists were paying close attention to the number this month due to concerns that the US Federal Reserve might begin to end its policy of propping up the US economy by keeping interest rates extraordinarily low, and buying up debts with newly-created money.
Comments by chairmen Ben Bernanke in June that indicated that positive economic data in the coming months might lead to "tapering" of the Fed's bond buying had roiled markets.Comments by chairmen Ben Bernanke in June that indicated that positive economic data in the coming months might lead to "tapering" of the Fed's bond buying had roiled markets.
The yield on 10-year Treasury bonds - the US government's cost of borrowing, and an indication of market expectations about the Fed's future interest rate moves - jumped as the jobs report was published. Sequester fears
If the US economy continues to add jobs at this pace, the unemployment rate should fall from its current 7.6% to 6.5% by the end of 2014. This is the number the Fed has said the US jobs market must reach before it will end its programme of suppressing rates.
Leisure and hospitality jobs as well as professional and business services were the sectors to see the biggest gains in June, continuing a trend from earlier in the year.
The data eased fears that the "sequester" - a package of austerity measures that hit the economy in January - would have a negative impact on the jobs market.
The government shed 7,000 jobs in June.
The broader rate of unemployment - which includes those who would like a full-time job but can only find part-time work, as well as those who have given up looking for a job - increased slightly in June to 14.3%.