On Friday, the Bureau of Labor Statistics released the jobs report for June. The report showed that the economy has stayed healthy. “Total nonfarm payroll employment increased by 224,000 in June, and the unemployment rate was little changed at 3.7 percent, the U.S. Bureau of Labor Statistics reported today.” the report stated. “Notable job gains occurred in professional and business services, in health care, and in transportation and warehousing.”
Although the number of jobs gained exceeded expectations, the stock market slightly dipped on Friday because investors feared that this would reduce pressure on the Federal Reserve to cut interest rates.
The jobs report had good news for the manufacturing sector. According to the report, the number of manufacturing jobs in June increased by more than double the average of manufacturing jobs gained in each month in 2019. “Manufacturing employment edged up in June (+17,000), following 4 months of little change,” the report stated. “So far this year, job growth in the industry has averaged 8,000 per month, compared with an average of 22,000 per month in 2018. In June, employment rose in computer and electronic products (+7,000) and in plastics and rubber products (+4,000).”