The
breakdown
of
the
June
jobs
report
suggests
that
growth
has
become
increasingly
uneven
as
the
labor
market
shows
signs
of
softening.
U.S.
nonfarm
payrolls
grew
by
206,000
in
June,
according
to
the
Labor
Department,
but
the
job
gains
were
narrow.
Health
care
and
social
assistance
added
82,400
jobs,
while
government
increased
by
70,000
positions.
Several
categories
saw
employment
shrink,
including
manufacturing.
Health
care
and
social
assistance
have
been
a
key
component
of
the
labor
market
recovery
since
the
pandemic.
Ambulatory
health
services
added
22,000
jobs
in
June,
while
hospitals
grew
their
payrolls
by
21,700.
Meanwhile,
education
accounted
for
17,200
of
the
jobs
added
in
the
government
sector.
Both
state
and
local
governments
added
jobs
outside
of
education,
as
well.
Professional
and
business
services
was
a
weak
spot,
shedding
17,000
jobs.
Jeffrey
Roach,
chief
economist
at
LPL
Financial,
pointed
out
that
the
unemployment
rate
ticked
up
among
workers
with
at
least
a
bachelor’s
degree.
“The
increase
in
the
unemployment
rate,
especially
for
those
with
at
least
a
Bachelor’s
degree,
suggests
a
modest
cooling
of
the
labor
market.
So
far,
we
don’t
see
apocalyptic
signs
within
the
labor
market,
but
investors
should
be
wary
when
the
labor
market
is
supported
by
government
payrolls,”
Roach
said
in
a
note
Friday
morning.
One
potential
bright
spot
within
the
report
was
construction,
which
gained
27,000
jobs.
That’s
an
increase
from
the
average
gain
of
20,000
over
the
past
year,
according
to
the
Labor
Department.
