Where The Jobs Are
The economy turned in a good performance last month, at least in terms of jobs. A big 222,000 new jobs were in June. This exceeded expectations by a lot. But which sectors of the economy were hiring the most?
According to the U.S. Bureau of Labor Statistics employment rose in health care, social assistance, financial activities, and mining.
Employment growth has averaged 180,000 per month thus far this year, in line with the average monthly gain of 187,000 in 2016.
In June, health care added 37,000 jobs. Employment increased in ambulatory health care services (+26,000) and hospitals (+12,000). Health care has added an average of 24,000 jobs per month in the first half of 2017, compared with a monthly average of 32,000 jobs in 2016.
Social assistance employment increased by 23,000 in June. Within the industry, employment continued to trend up in individual and family services (+12,000) and in child day care services (+8,000). Social assistance has added 115,000 jobs over the last 12 months.
Employment in financial activities rose by 17,000 in June and has grown by 169,000 over the year. Securities, commodity contracts, and investments added 5,000 jobs over the month.
In June, mining employment grew by 8,000, with most of the growth in support activities for mining (+7,000). Since a recent employment low in October 2016, mining has added 56,000 jobs.
Employment in professional and business services continued to trend up in June (+35,000) and has grown by 624,000 over the last 12 months.
Employment in food services and drinking places also continued on an upward trend in June (+29,000). The industry has added 277,000 jobs over the year.
Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and government, showed little change over the month.
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