On Thursday July 6th, the U.S. Labor Department released their June Employment Report. This month shows continued increases in job creation, although less than forecasted.
With low unemployment and over 3 million more jobs than job seekers, recruitment and retention remain top of mind for business owners this summer.
Key Insights:
In June, there were 209,000 new job creations, falling short of the forecasted 230,000. However, it is important to note that job creation still remains historically strong compared to pre-pandemic averages of 190,000. This is the lowest we have seen since December of 2020. There was a significant drop in job creation in the Trade, Transport, & Utilities sector compared to May's report. Additionally, the private sector also missed forecasts by approximately 51,000 payrolls.
The unemployment rates experienced a slight decline of 0.1%, aligning with predictions. Meanwhile, the workforce participation rates remained stable at 62.6%, which is currently the highest rate since the pandemic but slightly lower than the pre-Covid rates of 63.3%.
The increase in wages exceeded expectations at 0.4%, surpassing forecasts by 0.3%. It is worth noting that one year ago, earnings were also rising more than expected, but at a significantly higher rate of 4.4%.
The June Employment report serves as a reminder that retaining and recruiting top talent in this market remains a challenge. Ready to take your recruitment strategy to the next level? Contact us today.