US nonfarm payrolls increased by 147,000 in June, matching the average monthly gain of the past year. Most gains occurred in health care and state government sectors, while federal employment continued a decline due to actions by the Department of Government Efficiency (DOGE). The unemployment rate saw a slight decrease, falling 0.1 percentage points to 4.1%, remaining steady between 4.0% and 4.2% for over a year.
The June job report revealed a decline in the private sector with a loss of 33,000 jobs, contrasting sharply with the anticipated growth of nearly 100,000 jobs.
The Bureau of Economic Analysis has released three estimates of the rate of economic growth for the first quarter of the year. They do this because, as they get additional information, they can get a better picture of the economy's growth.
Helen Dickinson, Chief Executive at the British Retail Consortium, said, "Retail jobs have continued to fall, with 364,000 fewer jobs than ten years ago... This wave of retail jobs losses appears to go unnoticed by government."
These NIC changes create a significant burden for growing businesses at exactly the wrong time. Employers have been preparing for these increased costs by slowing hiring.
These are some of the first sets of figures to indicate a small uptick in hiring pace as economic policies under the Trump administration begin to show possible signs of influencing business sentiment across certain industries.