A breakdown of the June jobs report showed growth has become increasingly uneven as the labor market shows signs of softening.
U.S. Department of Labor data showed that U.S. non-farm employment increased by 206,000 in June, but job opportunities Limited increase. Health care and social assistance added 82,400 jobs, and government jobs added 70,000. Employment shrank in several categories, including manufacturing.
Health care and social assistance have been key components of the labor market recovery since the pandemic. Mobile health services added 22,000 jobs in June, while hospital employment increased by 21,700.
Meanwhile, 17,200 of the new government job opportunities came from the education sector. State and local governments have also increased employment opportunities outside of education.
Professional and business services were a weak link, with 17,000 job losses. Jeffrey Roach, chief economist at LPL Financial, pointed out that the unemployment rate has increased among workers with a bachelor’s degree or above.
“The rise in the unemployment rate, especially among those with at least a bachelor’s degree, indicates a modest cooling of the labor market. So far, we have not seen signs of apocalypse in the labor market, but when the labor market declines, Investors should remain vigilant.
One potential bright spot in the report was the construction industry, which added 27,000 jobs. That’s an increase from last year’s average increase of 20,000, according to the Labor Department.
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