AI 摘要
美国6月非农就业人数增加57,000，远低于预期的110,000。尽管失业率降至4.2%，但参与率下降至61.5%。服务业持续主导就业增长，然而住宿和餐饮业却出现意外下滑。
原文内文
Prior was +172K Two-month net revision April was +179K Unemployment rate 4.2% vs 4.3% expected Prior unemployment rate 4.3% Unrounded unemployment % vs 4.296% prior Participation rate 61.5% vs 61.8% prior U6 underemployment rate % vs 8.1% prior Average hourly earnings +0.3% m/m vs +0.3% expected Average hourly earnings +3.5% y/y vs +3.5% expected Average weekly hours 34.3 vs 34.3 expected Change in private payrolls +49K vs +110K expected Change in manufacturing payrolls K vs +3K expected Government payrolls K vs +52K in March This is a disappointing report. The unemployment rate is down to 4.2% and that looks good on the headline but it comes with the participation rate falling 0.3 percentage points. In terms of the breakdown, -55,000 in accommodation/food services is a big surprise given the World Cup. Heading into the June non-farm payrolls report, the recent trend has been one of continued job creation alongside a relatively steady unemployment rate and limited movement in broader household-survey indicators. Payroll growth averaged about 188,000 over the three months through May, helped by upward revisions to March and April. That pace was stronger than the more cautious hiring backdrop seen earlier, but the composition of gains has remained uneven. Job creation has been led by services, with health care, social assistance, leisure and hospitality, and government continuing to provide much of the support. Health care hiring has remained consistent over the past year, while leisure and hospitality saw a stronger pickup in May relative to its prior trend. In contrast, financial activities have been weakening, and transportation and warehousing employment has been below its early-2025 peak. The unemployment rate has been in a narrow 4.3% to 4.5% range since July 2025. Labor force participation and the employment-population ratio have shown little net movement. Long-term unemployment has been higher than a year earlier, while involuntary part-time employment and the number of people outside the labor force who want a job have been broadly stable. This article was written by Adam Button at investinglive.com.