According to data from the U.S. Bureau of Labor Statistics, total nonfarm payroll enployment increased by 288,000 in June, which surpassed experts’ expectations. Consequently, the unemployment rate has decreased to 6.1 per cent as the civilian labour participation rate stayed at 62.8 per cent. U.S.-based data from the National Retail Federation shows that employment increases in the retail market, excluding autos and gasoline, account for 27,800 new jobs in June and 230,800 for the year.
“Details in the national jobs report were uniformly positive and showed that the labor market continues to provide more muscle to a growing economy,” says NRF Chief Economist Jack Kleinhenz. “It should be noted that this is the strongest three-month trend since early 2012. The momentum in the labor market and retail job growth will translate into stronger expectations for the second half of 2014. This report sets the stage for job gains as we head into the busier retail season.”
More economic growth is expected for the remainder of the year.
