FXStreet (Mumbai) – The labor department data in the US released today showed the US economy added 223K jobs in June, which is slightly lower than the consensus estimate of 230K. The previous month’s figure was revised lower to 254K, from 280K reported earlier.
Participation rate at lowest since 1977, hourly earnings stall
The labor force participation rate fell to 62.6%, its lowest since Oct 1977, from 62.9% seen in May. Meanwhile, the average hourly earnings stalled month-on-month in June, compared to 0.2% rise seen in May. Average hourly earnings rose 2.0% year-on-year in June, compared to 2.3% gains seen in May.
The unemployment rate in June ticked lower to 5.3%, the lowest since April 2008, from 5.5% in May.
(Market News Provided by FXstreet)