Hiring Rebounds, Second Biggest Expansion Year-to-Date

Hiring Rebounds, Second Biggest Expansion Year-to-DateHiring Rebounds, Second Biggest Expansion Year-to-DateHiring Rebounds, Second Biggest Expansion Year-to-DateOn Friday, July 7, the Bureau of Labor Statistics released its monthly employment situation report for May, which is a widely used indicator for the health of the labor market. After falling sharply in May job creation rebounded much stronger than many economists expected making the largest gain in four months. The jobless rate increased slightly from the 16-year low as more people entered the labor force in search of work and offsetting the gain in new jobs.Key InsightsU.S. adds 222,000 new jobs in June, easing concerns about the health of the economyThe unemployment rate rose from 4.3% to 4.4%The labor force participation rate ticked up to 62.8% from 62.7% in MayThe size of the labor force expanded by 361,000 people1st-quarter GDP increased to an annual rate of 1.4%, better than previous read of 1.2%Average wages rose 0.2% to $26.25 an hour last month as companies continue to pay more to attract or maintain talentIn the past year, employment has increased by an average of 187,000 new jobs each month. This report marks the 81st straight month of continuous job growth.Inside the Job ReportIn June, health care added 37,000 jobs. Employment increased in ambulatory health care services (+26,000) and hospitals (+12,000). Health care has added an average of 24,000 jobs per month in the first half of 2017, compared with a monthly average of 32,000 jobs in 2016.Social assistance increased by 23,000 jobs in June. Within the industry, employment continued to trend up in individual and family services (+12,000) and in child day care services (+8,000). Social assistance has added 115,000 jobs over the last 12 months.Employment in financial activities rose by 17,000 in June and has grown by 169,000 over the year. Securities, commodity contracts, and investments added 5,000 jobs over the month.In June, mining emplo yment grew by 8,000, with most of the growth in support activities for mining (+7,000). Since a recent employment low in October 2016, mining has added 56,000 jobs.Employment in professional and geschftliches miteinander services continued to trend up in June (+35,000) and has grown by 624,000 over the last 12 months.Employment in food services and drinking places also continued on an upward trend in June (+29,000). The industry has added 277,000 jobs over the year.Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and government, showed little change over the month.Want to know more about the top trends in the job market? Check out the US Labor Market Update from Intelligence.