On Friday (July 2), the U.S. Bureau of Labor Statistics released data showing that the changes in non-farm employment in June increased by 850,000 after the quarterly adjustment, an expected increase of 720,000, and the previous value increased by 559,000, but the unemployment rate rose to 5.9%, an expected 5.6%, and the average hourly wage annual rate rose by 3.6%, an expected increase of 3.6%, and the previous value rose by 2%.
The change in the number of non-farm employment of private enterprises in the United States in May was revised to 516,000, with an initial value of 492,000; the change in the non-farm employment population in May was revised to 583,000, with an initial value of 559,000; the change in the manufacturing employment population in May was revised to 39,000, with an initial value of 23,000; the average monthly hourly wage rate in May was revised to 0.4%, with an initial value of 0.5%; the average annual rate of annual hourly wage in May was revised to 1.9%, with an initial value of 2%; the change in the non-farm employment population in April was revised to 269,000, with an initial value of 916,000. The change in the number of non-farm employment of private enterprises in May was revised to 516,000, with an initial value of 492,000.
U.S. Bureau of Labor Statistics said employment opportunities in the areas of leisure and hospitality, public and private education, professional and commercial services, retail trade and other services increased significantly. In May, the number of new non-agricultural employment increased from 559,000 to 583,000; in April, the number of new non-agricultural employment decreased from 278,000 to 269,000. After the correction, the total number of new jobs in April and May was 15,000 higher than previously reported.
Huitong.com
Quick comments said that non-agricultural sectors in June were better than expected, and Federal Reserve first hike rate may be advanced to the end of next year. The stronger-than-expected U.S. employment data reinforces the Fed's claim that it may cancel easing faster than previously expected, and the Fed's first rate hike may be advanced until the end of 2022, which will be beneficial to the dollar.
The US economy maintained strong growth momentum at the end of the second quarter, thanks to vaccination that allowed the economy to restart. More than 150 million Americans have been fully vaccinated, and restrictions on businesses related to the epidemic and mask wearing orders have been lifted. But while non-farm employment reports have recorded strong growth, don’t be fooled by this, problems in the U.S. labor market will continue throughout the summer, including millions of people still unemployed, workers shortages, child care and health risks. Although the U.S. job market is improving rapidly, the economy is still far from returning to normal levels.
Canadian Commercial Emperor Bank
Comment on June non-agricultural said that in June this year, corporate employers' efforts to attract employees were rewarded, and during the summer vacation, students and fresh graduates can provide new labor. Furthermore, an increase in wages may attract many people to return to the labor market.
Another analysts believe that the non-farm employment population in the United States increased by 850,000 more than expected in June, and the unemployment rate rebounded by 0.3 percentage points to 5.9%, indicating that with the expiration of previous unemployment benefits subsidy measures, the willingness of American people to seek jobs began to rebound, which is still an optimistic signal for the medium- and long-term economic prospects; but the situation where labor participation rate is still at a low level shows that employment promotion actions still have a long way to go, which curbs further optimism in the market and makes
U.S. US dollar index
After the data is released, it will change its capital and give up gains . The bulls chose to make profits and leave the market, while investors will continue to wait and see the prospects for further recovery of the employment market after the summer.
Source: Huitong.com
