Job creation in the United States slowed down considerably in June, although the rate fell one tenth to 3.6%, according to data published this Friday by the Bureau of Labor Statistics (BLS).
Thus, in the sixth month of the year, 209,000 net jobs were created, 130,000 less than in May, at a time when the effects of the interest rate hikes carried out on the labor market are being closely analysed. the Federal Reserve (Fed) to curb inflation.
The net job creation figure is below the average of the last six months, which is 278,000 jobs created.
In 2022, the average was 399,000 jobs created per month, so the effects of rate hikes would already be affecting job creation, even though the unemployment rate remains low.
In June, unemployment fell one tenth after it rose three in May. The BLS recalled that, since May 2022, this indicator has always fluctuated between 3.4% and 3.7%.
In total, 6 million Americans were out of work at the end of June, a month in which employment continued to trend upwards in government, health care, welfare and construction.
In June, average hourly earnings for all employees on private nonfarm payrolls increased 12 cents, or 0.4%, to $33.58.
Over the past 12 months, average hourly earnings have risen 4.4%, at a time when inflation stands at 4%, according to the latest data for May.
Since peaking at 9.1% in June 2022, inflation has been falling, driven by the Fed’s series of interest rate hikes to lower prices.
At its last meeting, in mid-June, the Fed decided to temporarily pause the increases, although it warned that further increases are probably necessary. Rates are in a range of 5% to 5.25%, the highest since mid-2006.
These probable new increases will depend on macroeconomic figures such as unemployment or inflation. The Fed will hold its next meeting on July 25 and 26.
