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US Adds 147,000 Jobs in June, Unemployment Rate Falls to 4.1%

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Bloomberg Jul 4 00:20 · 15.3k Views

US job growth exceeded expectations for a fourth straight month in June as nonfarm payrolls increased 147,000 and the unemployment rate ticked down to 4.1%. Michael McKee breaks down the numbers on Bloomberg Television.

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Transcript

  • 00:00 A lot of numbers to go through here, 147,000 jobs created according to the Bureau of Labor Statistics, which is above the one O 6 estimate
  • 00:07 that we got from Bloomberg Economics
  • 00:11 and the economists we survey.
  • 00:12 Private payrolls up 74,000.
  • 00:15 So let's take a look here at the unemployment rate.
  • 00:17 It falls to 4.1%.
  • 00:20 There was some thought it was going to go maybe as high as 4/4.
  • 00:23 The forecast was 443,
  • 00:25 so much better number than anticipated.
  • 00:28 We also see, and I'm going to jump here
  • 00:30 to jobless claims, a big drop in jobless claims to 233 from
  • 00:35 previously reported 237.
  • 00:37 So jobless claims and unemployment go down and it looks at this point like it's status quo in the labor market.
  • 00:43 Labor force participation
  • 00:45 60 2.3%
  • 00:47 Average hourly earnings
  • 00:48 They're coming low up 2/10 of 8%.
  • 00:51 Pushes the average for the year down to 3.7% from 3.9.
  • 00:57 Weekly hours 34.2.
  • 01:00 The revisions to payrolls been payrolls 147.
  • 01:05 The revision is a net of 16,000 additional jobs, so not much change.
  • 01:10 Their
  • 01:11 trade balance comes in at 71.5 billion.
  • 01:13 The forecast was for 71.
  • 01:15 So that is actually pretty close to right on, won't make much difference in people's second quarter GDP guesses at this point.
  • 01:23 And then
  • 01:24 back to claims 233 and the
  • 01:27 continuing claims number comes in at 1,964,000.
  • 01:32 That is the same
  • 01:34 as the revised number for the prior week.
  • 01:37 So at this point,
  • 01:38 this looks like a very status quo labor report.