Staff Writer
July 8, 2024

The U.S. economy added 206,000 jobs in June, surpassing Dow Jones projections once again, according to data released by the Bureau of Labor Statistics (BLS) on Friday. These gains were particularly notable in sectors like government (+70,000), health care (+49,000), social assistance (+34,000), and construction (+27,000).

The BLS report also revealed that wages are growing sustainably, with average hourly earnings up 0.3% in June and 3.9% over the past year. Meanwhile, unemployment saw minor changes, with a slight uptick of 0.1% from May’s rate, landing at a relatively low 4.1%. This development reinforces expectations that the Federal Reserve could initiate interest rate cuts in September, potentially easing financial burdens for borrowers.

State and local data will be released by the Pennsylvania Department of Labor and Industry (L&I) in the coming weeks.