US Jobs Rose by 850K in June, Beating Estimates

US Jobs Rose by 850K in June, Beating Estimates

Jobs in the U.S. rose by 850,000 in June, above the consensus estimate for a gain of 706,000, the Labor Department reported Friday.

The unemployment rate rose slightly to 5.9% from 5.8% in May.

The government revised the May jobs number to 583,000, up from the initially reported 559,000 jobs (which had missed the then estimate of 671,000 jobs).

On average since January 2021, the U.S. has added about 500,000 jobs per month, and the employment trend has been strengthening but somewhat unpredictable, making it difficult for economists to use any one month’s data to extrapolate what the future might look like.

The other question is whether the positive June report could encourage the Federal Reserve to taper its monthly asset purchases – a form of monetary stimulus – more quickly; there’s a raging debate over the matter currently ongoing within the central bank.

Assuming the tapering starts sooner, bitcoiners would no longer be able to count on the Fed bringing more liquidity to the markets through quantitative easing and giving investors the liquidity to invest more in riskier assets.

The labor force participation rate – the percentage of the American population that is either working or actively looking for work – was unchanged in June from 61.6% in May.

The employment-to-population ratio, or the number of people employed versus the total working-age population, changed little month-to-month at 58%.