Government employment rose by 33,000, maintaining its steady trend, while transportation equipment manufacturing benefited from the return of striking workers, adding 32,000 jobs. Conversely, retail trade experienced a decline of 28,000 jobs, primarily due to losses in general merchandise retailers.
Wages and Workweek Trends
Wages also saw incremental growth, with average hourly earnings rising by 0.4% to $35.61 per hour, marking a 4.0% year-over-year increase. This signals ongoing wage pressures in the labor market. Meanwhile, the average workweek increased slightly by 0.1 hour to 34.3 hours, continuing a gradual upward trend.
Labor Force Participation and Unemployment Insights
Despite the positive job gains, the labor force participation rate remained steady at 62.5%, reflecting…
Read More
