The U.S. economy added 850,000 jobs in June 2021, beating expectations of economists, according to the latest report by the Bureau of Labor Statistics (BLS). This is the biggest monthly jobs gain since August 2020, signaling accelerating job growth. The unemployment rate increased very slightly by 0.1% from 5.8% in May to 5.9% in June. As states start to fully reopen, we are seeing a hiring surge and a lower supply of workers.
June also saw significant job gains in the hospitality and leisure sector, one of the hardest-hit industries. 343,000 jobs were added, primarily for restaurants and bars. As in-person activities start to resume, we are seeing staffing fluctuations among people returning to work and going back to school. Many individuals have a choice about whether or not they want to head back to the office, causing companies to ramp up their retention efforts.
Key Highlights from the Latest BLS Report
- With 9.5 million currently unemployed, the unemployment rate is now at 5.9%, 0.1% higher than the month prior.
- The unemployment rate for those with a bachelor’s degree or higher is went back up to 3.5% vs. 3.2% in May.
- Wages rose in June by 0.3% and are up 3.6% year over year.
Jobs Added by Industry
- Leisure and Hospitality added 343,000 jobs
- Professional and Business Services added 72,000 jobs
- Temporary Help Services added 33,000 jobs
- Retail added 67,000 jobs
- Manufacturing added 15,000 jobs
- Legal Services added 6,000 jobs
We are still seeing some pushback when it comes to individuals returning to work. Some of this could be due to COVID-19 safety fears and the need to provide care for children or elders at home. Many states are stopping extra unemployment benefits by the end of summer as it’s speculated that this could be a factor in individuals waiting to get back into the job market.
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