July 10, 2023

June jobs report provides ‘mixed signals’


New data from the Bureau of Labor Statistics revealed 209,000 jobs were added in June, with a decrease in the unemployment rate to 3.6 percent. NAFCU Chief Economist and Vice President of Research Curt Long breaks down the report in a new Macro Data Flash.

“The June jobs report was full of mixed signals. Job growth fell to its slowest pace since 2020, and downward revisions shaved over 100,000 jobs from prior estimates,” said Long. “Wage growth held firm at 0.4 percent, which will worry Fed officials. A rate hike later this month is almost assured, and at least one additional hike after that is highly likely.

“NAFCU will continue to monitor the economic environment to ensure credit unions are prepared to respond to their members' needs,” Long concluded.

Results among private sector industries were mixed. Education and health saw the largest gains (+73,000), followed by the public sector (+60,000). However, the retail sector shed 11,000 jobs.

Access more of NAFCU’s economic analyses online