Macro Data – US June Non-farm Payrolls 2nd July, 2021 3:26 pm
Strong payroll gains with some additional impetus from upward revisions. Overall the economy added 850k jobs in June (mkt 700k) up from 583k in May (revised from 559k), of which 662k came from private payrolls (mkt 600k). Manufacturing added 28k jobs and government 188k. Labour participation unchanged at 61.6% and the unemployment rate actually ticked up to 5.9%, as job gains were netted off with an increase in the labour force. Note prime age participation (25-54) increased for both male and female workers. This is positive and should dampen worries about labour scarcity.
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