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In a surprising month, the USA created more than 200 thousand jobs, exceeding forecasts.
In a surprising move in the job market, the United States created 206 thousand job openings in June, as revealed in the employment report (payroll) released by the Department of Labor this Friday (05).
This number exceeded market expectations, which predicted the creation of 188 thousand jobs. However, despite the growth, June data shows a slowdown compared to the previous month, when the North American economy added 272 thousand jobs.
The unemployment rate in the USA registered a slight increase, going from 4% to 4,1%, with the number of unemployed remaining relatively stable at 6,8 million.
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Other labor market indicators, such as labor force participation rate, which was 62,6%, and the metric employment-population, at 60,1%, showed little change in relation to the previous month.
In terms of income, average hourly earnings for American workers rose 0,3% month-on-month and increased 3,9% compared to the same month in 2023, reaching an average of US$35 per hour.
Economic Impacts
The creation of vacancies close to the 200 mark, combined with the increase in unemployment, could provide important signals to the Federal Reserve (Fed) about the state of the job market.
Although inflation shows signs of slowing, a buoyant labor market continues to boost consumption, affecting prices.
Earlier this week, the chairman of the Federal Reserve, Jerome Powell, highlighted the need for more positive data before considering reducing interest rates.
“Because the U.S. economy and job market are strong, we have the ability to wait and do this right,” Powell said.
During the Central Bank Forum in Portugal, Powell maintained a cautious stance, without providing clear indications on the quantity and size of reference rate cuts. “I’m not going to give any date,” he said, highlighting the importance of a data-based approach.
These June numbers highlight a complex scenario for the American economy, with strong job creation but also increase in the unemployment rate. According to experts, the behavior of the Federal Reserve in the coming months will be crucial to understanding how this data will influence monetary policy and, consequently, the economic future of the United States.
