Total nonfarm payroll rose by 850,000 in June, the strongest number of the year so far, and well above the 583,000 (revised) jobs added in May. The 850,000 jobs added exceeds analysts’ estimates, which ran as high as 700,000 for June.
But at the same time, the unemployment rate ticked up a tenth of a point to 5.9 percent, the U.S. Bureau of Labor Statistics reported today.
(Note: Total nonfarm payroll employment is the number of paid U.S. workers in all businesses, excluding proprietors, private household employees, unpaid volunteers, farm employees and the unincorporated self-employed. It includes about 80 percent of those who contribute to GDP and who are covered by unemployment insurance.)
