US economy added 850,000 jobs in June 2021

US economy added 850,000 jobs in June 2021

The US economy added 850,000 jobs in June 2021, after adjusting for seasonal changes. It was the strongest month for job growth since August 2020, and far more than economists expected.

The consensus of analysts surveyed by Refinitiv was 700,000 jobs.

The unemployment rate stood at 5.9%, down from 5.8% in May, the Bureau of Labor Statistics reported Friday. The labor force participation rate was unchanged at 61.6%.

However, the once strong US job market is still far from returning to normal, with a 6.8 million job drop compared to February 2020.

It remains an unbalanced labor market: Employers are struggling to attract and retain staff as the reopening caused a surge in hiring because some workers are not yet ready to return to work.

Many fear the contagion of covid-19 or worry about the proper care of their children or elderly relatives. The expanded unemployment benefits that were created to soften the blow of the pandemic also allow people to take more time to choose the right job for them, rather than rushing back into the job market.

All of this is creating an unprecedented mismatch between the supply and demand for workers.

Ben Oakley
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