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Employment <br />6,000 <br />2,000 <br />N <br />c -2,000 <br />0 <br />—` -6,000 <br />v <br />o� <br />c <br />-10,000 <br />5 <br />0-14,000 <br />IIIIIIIIIIIIIIE:NIA; <br />-22,000 <br />Nonfarm Payroll (000's) <br />✓��1g SPa19 O00 �dr� ✓4��0 sPa�O oec�0 '�dr� ✓4��1 <br />O 1 <br />24.0% <br />20.0% <br />16.0% <br />0 <br />12.0% <br />8.0 % <br />4.0 % <br />0.0 % <br />Unemployment Rate <br />Underemployment Rate (U6) <br />Unemployment Rate (U3) <br />'l9 .79 79 130 _1O _O <br />Source: US Department of Labor Source: US Department of Labor <br />Job growth was stronger than expected in June. U.S. nonfarm payrolls increased by 850,000, versus the consensus forecast of 720,000. May <br />payrolls were also revised up by 24,000 to 583,000. On a trailing 3-month and 6-month basis, payrolls increased by an average of 567,000 and <br />543,000 per month, respectively, which is indicative of a steady recovery in the labor market. The leisure and hospitality sectors continue to <br />drive the job gains in June and increased by 343,000. Government payrolls also posted a solid increase of 188,000 in June. The labor <br />participation rate was unchanged at 61.6% in June and is 1.7% lower than the pre -pandemic level. The employment -population ratio was also <br />unchanged in the month at 58.0% and is 3.1% below the pre -pandemic level. The unemployment rate ticked higher to 5.9% in June from 5.8% <br />in May and remains well above the pre -pandemic low of 3.5% in February 2020. The U-6 underemployment rate, which includes those who are <br />marginally attached to the labor force and employed part time for economic reasons, declined to 9.8% in June from 10.2% in May (versus 7.0% <br />in February 2020). The index of aggregate private weekly payrolls was up 2.8% in June from February 2020, suggesting a solid increase in <br />aggregate wages. <br />4 QtJ <br />13 <br />