“The slow pace of jobs growth underscores the weakening economic growth momentum and reinforces the perception that the economy has remain mired in another soft patch,” Millan says. “With the labor market recovery appearing to be stalled, the case for further policy accommodation will likely be strengthened, particularly given the benign inflationary background.”
The report comes in sharp contrast to private payrolls data out of ADP just a day earlier that showed the economy expanded by 179,000 in June. That figure caused many analysts on Wall Street to raise their expectations going into this morning’s announcement.
Adding further pressure to President Obama heading into the election, Hispanic and Latino unemployment remained essentially unchanged at 11.0 percent.
The unemployment rate for white men and women was unchanged at 7.4 percent, while 184,000 more black American’s went without a job in June, for an unemployment rate of 14.4 percent.
May and April data were also revised during the month. In April, the BLS now estimates the economy added 68,000 jobs from an earlier report of 77,000. At the same time, employment grew by 77,000 in May, up from last month’s report of 69,000.
Below, key output from the Bureau of Labor Statistics.
Nonfarm Payroll Change: +80K
Private Payroll Change: +84K
Manufacturing Change: +11K
Unemployment Rate: 8.2 percent
Average Hourly Earnings (MoM): +0.3 percent
Average Weekly Hours Worked: 34.5 hours
Underemployment Rate (U6): 14.9 percent