BREAKING NEWS

BREAKING NEWS

Jobs growth slows in June in US as April and May figures revised down

Now Reading:

Jobs growth slows in June in US as April and May figures revised down

Text size Aa Aa

Employment growth in the USA slowed in June and the figures for March and April have been revised down.

The news had an immediate effect on futures, which extended their gains as dealers dampened their expectations of an interest rate rise in September.

The unemployment rate did drift down by 0.2% to 5.3%, its lowest level since April 2008.

In all, the figures for April and May were overestimated by 60,000 jobs in total, and have now been corrected. The June non-farm jobs created figure was 7000 shy of expectations.

The employable workforce fell to 62.6% of the population, its lowest level since October 1977. Increasing numbers of Americans are leaving the workforce; 432,000 in June alone, as the population ages, retires, abandons hope of finding work, or emigrates.

Wages remained static, with the average hourly rate unchanged, leaving the year-on-year increase at 2%.

The dollar fell slightly after publication of the latest statistics