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US employment up by 223,000 in June US employment up by 223,000 in June
(35 minutes later)
US employment grew by 223,000 in June, while estimates of April and May jobs numbers were revised down, official figures have shown.US employment grew by 223,000 in June, while estimates of April and May jobs numbers were revised down, official figures have shown.
May's figure was revised from a rise of 280,000 jobs to a rise of 254,000, according to the US Labor Department.May's figure was revised from a rise of 280,000 jobs to a rise of 254,000, according to the US Labor Department.
Despite the slowing rate of jobs growth, the figure took the unemployment rate, which is based on a different survey, down to 5.3% from 5.5%. Despite the slowing rate of jobs growth, the unemployment rate fell to 5.3% from 5.5%, partly due to a fall in the number of people looking for work.
That was lowest level since April 2008. This is the lowest unemployment rate since April 2008.
This was in part due to the number of people no longer looking for a job, as 432,000 dropped out of the labour force. Employment gains in June were made across a number of sectors, particularly business services, health care, retail, financial activities and transportation, the Labor Department said.
'Rebound'
The labour force shrunk by 432,000 in June, following a sharp increase in May.
This pushed the labour force participation rate - the percentage of the labour force in employment - down to 62.6%, the lowest rate since 1977.This pushed the labour force participation rate - the percentage of the labour force in employment - down to 62.6%, the lowest rate since 1977.
"The US economy continues to produce 200,000 plus monthly jobs, confirming that the economy continues to rebound from its disappointing first quarter growth performance," said Mohamed El-Erian, chief economic adviser at Allianz."The US economy continues to produce 200,000 plus monthly jobs, confirming that the economy continues to rebound from its disappointing first quarter growth performance," said Mohamed El-Erian, chief economic adviser at Allianz.
"While this solid but far from great jobs report will raise questions about a September interest rate hike, the Federal Reserve is still likely to hike then absent a big external shock.""While this solid but far from great jobs report will raise questions about a September interest rate hike, the Federal Reserve is still likely to hike then absent a big external shock."
The average monthly increase in employment over the past 12 months has been 250,000.