finance
U.S. Added 57,000 Jobs in June, Half the Expected Total
The Bureau of Labor Statistics reported a June jobs gain of 57,000, well below forecasts. The leisure and hospitality sector showed a 61,000-job decline despite the World Cup.
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The leisure and hospitality sector lost 61,000 positions, the largest monthly decline since the pandemic. Several economists questioned the figure, noting the U.S. is hosting the World Cup.
Government employment statistics are compiled from surveys that arrive over several weeks. A chart from Pantheon Macroeconomics shows that initial readings are frequently revised downward in later months.
” RSM Chief Economist Joe Brusuelas advised taking the report “with a grain of salt” and predicted an upward revision when July data are released. Bank of America data showed card spending rose 5.4 percent year-over-year during the group stage, with spending by non-local visitors up 17.4 percent.
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