WASHINGTON, DC—Following the shock of the revision of GDP for the first quarter last month, the Bureau of Labor Statistics delivered the reassuring news that some 288,000 jobs were added to US payrolls in June this morning. In addition, the unemployment rate declined to 6.1%.

Employment growth was led by the professional and business services, retail trade, food services and drinking places, and health care. June's figures topped the three-month job creation average of 272,000 per month.

The news is a relief to economy watchers concerned by the Commerce Department's recent revision of GDP figures for the first quarter, which showed a much deeper contraction than previously realized. Speculation in some quarters rose that the economic recovery might be, once again, lagging. Other economists were more sanguine about the change, attributing it to many one-off factors such as the harsh winter weather and macro economic trends.

According to the report:

  • Employment in professional and business services rose by 67,000 in June and had averaged 53,000 per month over the prior 12 months.
  • Retail trade employment increased by 40,000 in June. Over the prior 12 months, employment in this industry had grown by an average of 26,000 per month.
  • Employment in food services and drinking places rose by 33,000 in June and has increased by 314,000 over the past year.
  • Health care employment increased by 21,000 in June, in line with the prior 12-month average gain of 18,000 per month. Transportation and warehousing employment increased by 17,000 in June. Over the prior 12 months, this industry had added an average of 11,000 jobs per month.
  • Financial activities added 17,000 jobs in June, with a gain of 9,000 in insurance carriers and related activities. Notably for our readers, employment in real estate and rental and leasing continued to trend up in June, adding about 9,000 positions.
  • Manufacturing added 16,000 jobs in June, with all of the increase in durable goods manufacturing.
  • Wholesale trade added 15,000 jobs over the month and has added 140,000 jobs over the year.
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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.