CNBC's Steve Liesman gives his perspective on the latest round of jobs numbers. The U.S. added 850,000 jobs in June, which was better than expected. For access to live and exclusive video from CNBC subscribe to CNBC PRO: [ Ссылка ]
Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, the Labor Department reported Friday.
Nonfarm payrolls increased 850,000 for the month, compared with the Dow Jones estimate of 706,000 and better than the upwardly revised 583,000 in May. The unemployment rate, however, rose to 5.9% against the 5.6% expectation.
The jobless rate increase came even though the labor force participation rate was unchanged at 61.6%. A separate figure that accounts for discouraged workers and those holding part-time jobs for economic reasons fell sharply to 9.8%, with the 0.4 percentage point decline putting the so-called real unemployment rate below 10% for the first time since March 2020.
Markets rose on the news, with futures on the major indexes indicating modest gains at the open before the holiday weekend.
“From a market perspective, this was an all-out positive jobs report,” said Seema Shah, chief strategist at Principal Global Investors. “The improvement today likely reflects a slight easing of the labor supply constraints that have been holding back the jobs market in recent months, as well as continued momentum from the economic reopening.”
Hiring accelerated as the second quarter morphed into a summer that will see a closer to return to normal for Americans held captive for the past year due to the pandemic-related restrictions.
As the data continues to point higher, economists are looking for GDP growth in the second quarter to approach 10%, a stunning continuation of a rebound helped by vaccines that have sharply reduced Covid-19 case rates along with hospitalizations and deaths.
The latest numbers bring the total job recovery from the pandemic losses to 15.6 million. More than 22.3 million Americans were laid off in March and April of 2020 amid government-imposed business restrictions, and the total employment level remains 7.13 million below where it was in February 2020.
Hospitality continued to be the prime beneficiary of the reopening as workers returned to jobs at bars, restaurants, hotels and the like.
The industry notched a gain of 343,000 amid easing restrictions across the country. That total included 194,000 in bars and restaurants, but still left the sector 2.2 million shy of where it was in February 2020 before the pandemic began. Despite the big increase in jobs, the sector’s unemployment rate jumped to 10.9%.
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