At Extreme Investor Network, we closely follow the latest trends and developments in the economy to provide our readers with valuable insights and analysis. In our most recent analysis of the June jobs report, we have identified some key trends that suggest the growth in the labor market is becoming increasingly uneven.
According to the Labor Department, U.S. nonfarm payrolls grew by 206,000 in June. While this is a positive sign of overall growth, the job gains were quite narrow and concentrated in specific sectors. For example, health care and social assistance added 82,400 jobs, while the government sector increased by 70,000 positions. On the other hand, categories like manufacturing saw a decline in employment.
One interesting trend that we have observed is the significant contribution of health care and social assistance to the overall labor market recovery since the pandemic. Ambulatory health services added 22,000 jobs in June, and hospitals grew their payrolls by 21,700. Additionally, education accounted for 17,200 of the jobs added in the government sector.
However, not all sectors saw positive growth. Professional and business services, for instance, shed 17,000 jobs in June. This trend has raised some concerns among experts, such as Jeffrey Roach, chief economist at LPL Financial, who noted a slight increase in the unemployment rate among workers with at least a bachelor’s degree.
Despite these challenges, there are still some bright spots within the report. Construction, for example, gained 27,000 jobs in June, surpassing the average gain of 20,000 over the past year. This uptick in construction jobs could indicate broader economic recovery and increased investment in infrastructure.
Overall, the June jobs report highlights the uneven nature of the current labor market recovery. At Extreme Investor Network, we believe that staying informed about these trends is essential for making informed investment decisions. Be sure to check back for more in-depth analysis and expert insights on the economy and the financial markets.