The June 2024 Jobs Report & May 2024 JOLTS: The Current U.S. Employment Situation

The latest BLS U.S. jobs data showed employment increasing by 206,000 in June, slightly exceeding expectations. The unemployment rate unexpectedly ticked up to 4.1% and the number of unemployed persons also rose to 6.8 million.

The Job Openings and Labor Turnover Summary (JOLTS), released Tuesday, showed 8.1 million job openings on the last business day of May – exceeding April’s revised number (7.9 million) and economists’ forecast of 7.910 million. Hires increased to 5.8 million and separations remained flat at 5.4 million. The quits rate held at 2.2% for the seventh consecutive month.

Here are more highlights from the June 2024 jobs report and May JOLTS:

• Job openings increased significantly in durable goods manufacturing (+97,000) and state and local government, excluding education (+117,000); accommodation and food services job openings decreased by 147,000.
• Increases in average hourly earnings slowed, growing by only 0.3% to $35.00.
• Unemployment rates for adult women and Asians increased in June to 3.7% and 4.1%, respectively.
• Both April and May’s change in total nonfarm payroll employment numbers were revised down, resulting in a combined 111,000 fewer roles added than previously reported.

Top industries hiring now include construction, healthcare and social assistance, and government. There was little change compared to May for the remaining industries we report on, with manufacturing, retail trade, and professional and business services decreasing employment.

All told, June 2024 U.S job numbers show the labor market is cooling. Jeanna Smialek of The New York Times said, “From the Fed’s perspective, this is not a job market to panic about, but it’s definitely got some details that will keep them wary that the job market is on the cusp of slowing markedly.”

Despite the U.S. employment situation, iHire is here to help you navigate the market and reach your employment goals. Explore our hiring tools and job search resources today.