Core Insights - The June employment report indicates a moderate growth and stability in the U.S. labor market, with non-farm payrolls increasing by 147,000, aligning closely with the 12-month average of 146,000 [1][6] - The unemployment rate remained steady at 4.1%, reflecting a stable labor market environment since May 2024 [1][6] - Long-term unemployment and marginally attached workers have increased, suggesting underlying challenges within the labor market [2][6] Employment Data - Non-farm payrolls added 147,000 jobs in June, a figure that is consistent with the previous year's monthly average [1] - The unemployment rate held at 4.1%, with a total of 7 million unemployed individuals [1] - The labor force participation rate was stable at 62.3%, and the employment-population ratio remained at 59.7% [1] Wage and Hours Analysis - Average hourly earnings in the private non-farm sector rose by 0.2% to $36.30, with a year-over-year growth rate of 3.7%, indicating a decrease from previous years' higher growth rates [2][6] - Average weekly hours worked slightly decreased by 0.1 hours to 34.2 hours, suggesting a potential slowdown in overall labor demand [3] Sector Performance - Job growth in June was primarily concentrated in less economically sensitive sectors, such as state government (especially education) and healthcare, while federal employment continued to decline [3][4] - Most other major industries showed little change in employment numbers, consistent with the overall moderate growth trend [4] Federal Reserve Implications - The report's data supports the Federal Reserve's cautious and data-dependent monetary policy stance, indicating no immediate need for rate hikes or significant cuts [7] - The overall tone of the report aligns with the Fed's goal of achieving a "soft landing" for the economy, allowing for a gradual cooling of economic activity and labor markets [7][8] Market Reactions - Stock markets interpreted the report as a positive signal, reducing the risk of a hard economic landing and indicating manageable wage pressures [8] - Bond markets experienced downward pressure on yields due to the moderate employment and wage data, potentially enhancing expectations for future rate cuts [8] - The direction of the U.S. dollar will depend on market interpretations of this report relative to data from other major economies and its implications for future Fed policy [8]

Core Points - The U.S. labor market remains stable with a non-farm employment increase of 147,000 in June, maintaining an unemployment rate of 4.1% [1][4] - Job growth is concentrated in state government and healthcare sectors, with state government adding 47,000 jobs and healthcare contributing 39,000 jobs [2] - Wage growth is moderate, with average hourly earnings rising by 0.2% to $36.30, while average weekly hours worked slightly decreased [3] Employment Trends - The state government sector saw significant job additions, particularly in education, which accounted for 40,000 of the new jobs [2] - The federal government continues to reduce its workforce, with a loss of 7,000 jobs in June and a total of 69,000 jobs cut since January [2] - Long-term unemployment is a growing concern, with 1.6 million individuals unemployed for 27 weeks or more, representing 23.3% of the total unemployed [4] Labor Market Dynamics - The labor force participation rate remains unchanged at 62.3%, with approximately 6 million individuals willing to work but not actively participating in the labor market [6] - The number of marginally attached workers has increased to 1.8 million, indicating a rise in individuals who are discouraged about job prospects [6] - Revisions to previous employment data show an upward adjustment, with April and May's non-farm employment figures increased by a total of 16,000 jobs [7]

美国劳工统计局今日报告称，6月份非农就业人数增加了147000人，失业率几乎持平，为4.1%。州政府 和医疗保健行业出现了就业增长，而联邦政府则继续裁员。 因经济原因而从事兼职工作的人员在6月份人数为450万人，变化不大。这些人本希望获得全职工作，但 因工时减少或无法找到全职岗位而只能做兼职。 6月份不在劳动力市场但当前有就业意愿的人数为600万人，基本与上月持平。由于这部分人员在调查前 4周未积极寻找工作或无法上岗，因此未被计入失业人口。 在不在劳动力市场但有就业意愿的人群中，边缘性劳动力（在调查前12个月曾找过工作、调查前4周内 未找过工作，但期望且有条件就业）6月份增加了234000人，达到180万人。被归为"失望劳动者"的边缘 性劳动力子集（认为无法找到工作的人）在6月份增加了256 000人，达到637 000人。 本新闻稿公布了两项月度调查的统计数据。家庭调查按人口特征衡量劳动力状况，包括失业情况；机构 调查则按行业衡量非农就业人数、工作时长和收入。有关这两项调查所使用的概念和统计方法的详细信 息，请参阅技术说明。 家庭调查数据 6月份失业率为4.1%，失业人数为700万人，两项数据与上月变化不大 ...