The U.S. economy added a higher-than-expected number of jobs in June, with 213,000 positions created versus analysts’ expectations for 195,000.
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The unemployment rate moved higher, off an 18-year low, to 4% from May’s 3.8%. Economists say the slight move higher is a positive as it reflects more workers entering the workforce after sitting on the sidelines, drawn by the plethora of jobs. In June, 601,000 Americans entered the labor force, and not all found jobs.
This trend comes as companies are bemoaning the lack of available labor.
Economists polled by Thomson Reuters anticipated that the unemployment rate would holding steady at May’s 3.8%, which was the lowest since April 2000.
June’s labor force participation rate came in at 62.9%.
May and June jobs additions were upwardly revised by a net 37,000. Through the first half of the year employers added an average of 215,000 workers to payrolls each month. Last year, the average monthly jobs growth was 182,000.
