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MNI BRIEF: US Unemployment Ticks Up To 4.1% In June

Employers added 206,000 jobs last month, a tad hotter than expected, but prior months were revised down.

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U.S. employers added 206,000 workers in June, more than the 190,000 analysts had expected, but revisions took away 110,000 in the two prior months and the unemployment rate edged up a tenth to 4.1%. Gains were led by government (70,000), health care (49,000), social assistance (34,000) and construction (27,000), the Bureau of Labor Statistics said Wednesday.

Unemployment has risen half a percentage point in the past year. Federal Reserve officials projected last month that it would end the year at 4.0% and peak at 4.2% next year and Chair Jerome Powell has said the central bank was prepared to lower interest rates in the face of unexpected weakness in the labor market. (See: MNI INTERVIEW: Dec Fed Cut Doubtful If Trump Wins - Obstfeld)

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U.S. employers added 206,000 workers in June, more than the 190,000 analysts had expected, but revisions took away 110,000 in the two prior months and the unemployment rate edged up a tenth to 4.1%. Gains were led by government (70,000), health care (49,000), social assistance (34,000) and construction (27,000), the Bureau of Labor Statistics said Wednesday.

Unemployment has risen half a percentage point in the past year. Federal Reserve officials projected last month that it would end the year at 4.0% and peak at 4.2% next year and Chair Jerome Powell has said the central bank was prepared to lower interest rates in the face of unexpected weakness in the labor market. (See: MNI INTERVIEW: Dec Fed Cut Doubtful If Trump Wins - Obstfeld)

Keep reading...Show less