BUSINESS

The US economy added 850,000 jobs in June, the strongest gain since March

Jul 2, 2021, 6:40 AM
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FILE: AP Photo/Rogelio V. Solis

    (CNN) — The US economy added 850,000 jobs in June, when adjusted for seasonal changes. It was the strongest month for jobs gains since March, and far more than economists had expected.

The consensus number from analysts polled by Refinitiv was 700,000.

The unemployment rate stood at 5.9%, up from 5.8% in May, the Bureau of Labor Statistics reported Friday. The labor force participation rate was unchanged at 61.6%.

Nevertheless, America’s once-strong labor market is still far from being back to normal, down 6.8 million jobs compared with February 2020.

It’s still a tale of a job market in imbalance: Employers are struggling to attract and retain staff as the reopening spurred a hiring surge, because some workers are still not ready to return to work. Many fear infection, or worry about adequate care for their children or elderly relatives. The expanded jobless benefits that were created to soften the pandemic blow also allow people to take longer in choosing the right job for them, rather than to rush back into the labor market.

All of this is creating an unprecedented mismatch between worker supply and demand.

This is a developing story. It will be updated

The-CNN-Wire
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The US economy added 850,000 jobs in June, the strongest gain since March