The numbers on this month’s new report show only incremental changes to the markets at this time. May’s job report saw the number of open jobs decrease to 9.8 million. The number of new Nonfarm payrolls increased by 209,000 for the month of June. Unemployment did not change much, making a slight decrease to 6 million, with the unemployment rate falling slightly to 3.6% from the month of May. Transportation and Warehouse job openings fell by 7,000 for the month of June, as well. Experts are saying that this industry does not have a clear trend to speak of in recent months. The Federal Reserve did not vote to raise interest rates in June, but with another vote coming up towards the end of July, the possibility is ever present.
May's Job Opening and Turnover Survey
At the end of May, job openings decreased to 9.8 million, and hires didn’t change much from the 6.1 million of the previous month, coming in at 6.2 million for the month of May. The quit rate rose minimally to 4 million, and layoffs and discharges stayed roughly the same at 1.6 million.
Several sectors saw decreases in job openings. The Finance and Insurance and the Healthcare industries saw losses of 139,000 and 285,000, respectively. However, job openings increased in the Educational Services, State and Local Government Education and the Federal government sectors. Leisure and Hospitality had layoffs and discharges trending up by 87,000.
While there was a small increase in the number of quits (4 million), as well as a decrease in layoffs/discharges (1.6 million), the numbers for May only make minor adjustments from the report from April.
June's Jobs Report
Non-farm payrolls grew by 209,000 in June. Unemployment decreased slightly to 3.6%, while the labor force participation rate continued to stay the same at 62.6%. We are still seeing that unemployment has maintained a steady range of 3.4% to 3.7% since March of 2022.
Transportation and Warehousing jobs decreased slightly last month by 7,000. There has been no discernible trend for the Transportation industry in quite a few months, and the government even added that statement to the report for June. Leisure and Hospitality added 21,000 jobs in June, marking the third month in a row that this industry has seen miniscule changes. Government (+60,000) and Healthcare (+41,000) also saw gains in June.
The June Jobs Report and the May Job Opening and Turnover Survey reveal that the labor market is still in charge of the economy, something everyone has gotten used to hearing when these reports come out. The Federal Reserve is considering another interest rate hike to make this process continue, with their next meeting coming up at the end of July.
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Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.