Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning, which showed 206,000 jobs added in June. Read the full thread here. 

Payroll employment increased by 206,000 in June, with notable downward revisions in the prior two months. Employment growth is expected to slow as the labor market approaches full employment. The Federal Reserve should get a clear message that we are not in a hot labor market. pic.twitter.com/aQwRkGrh3A

— Elise Gould (@eliselgould) July 5, 2024

June’s gain of 206,000 jobs is on par with the average gain over the prior 12 months. There were notable increases in health care and social assistance as well as in public sector employment, primarily at the state and local level. pic.twitter.com/Reed6bxxfK

— Elise Gould (@eliselgould) July 5, 2024

While there’s more volatility in monthly and quarterly changes in wages, the deceleration in nominal wage growth is clear across all measures. There is no evidence of inflationary pressures coming from the labor market. pic.twitter.com/i7nKjjVY5I

— Elise Gould (@eliselgould) July 5, 2024

Much of the employment gains appear to be driven by men as their prime-age employment-to-population ratio rose, getting closer to their pre-pandemic levels. Prime-age women experienced some declines in June, but remain above their pre-pandemic high. pic.twitter.com/7l5ZrgGNSh

— Elise Gould (@eliselgould) July 5, 2024