NVIDIA Suffers Historic One-Day Market Value Loss
NVIDIA faced a record-breaking single-day drop in market capitalization, losing 9.5% and erasing $278 billion on Tuesday.
The latest jobs report from the U.S. Bureau of Labor Statistics reveals a nuanced picture of the American economy's employment landscape for June 2024. Here's a detailed breakdown of the key findings:
Job Growth and Revisions In June 2024, the U.S. economy added 206,000 jobs, slightly below the revised figure of 218,000 for May 2024. The May data saw a significant downward revision from an initial 272,000 jobs to 218,000. Additionally, April's job numbers were revised down by 57,000 to 108,000. These revisions indicate that employment in April and May combined was 111,000 lower than previously reported.
Sectoral Analysis Job gains in June were primarily driven by the government sector, which added 70,000 jobs, predominantly in local government excluding education (34,000) and state government (26,000). The healthcare sector also saw significant gains with 49,000 jobs added, particularly in ambulatory health care services (22,000) and hospitals (22,000). Social assistance added 34,000 jobs, while construction contributed 27,000 jobs to the economy.
Conversely, several sectors experienced job losses in June. Retail trade saw a decline of 9,000 jobs, manufacturing lost 8,000 jobs, and professional and business services shed 17,000 jobs during the month.
Overall Market Trends Despite these fluctuations, the June figures underscore a robust labor market, albeit one that appears to be cooling compared to previous years. The average monthly payroll growth for 2024 stands at 222,000 jobs, a decrease from 251,000 jobs in 2023 and a significant drop from 377,000 jobs in 2022. This gradual decline in average monthly job growth reflects a broader adjustment in the pace of economic expansion.
Conclusion The June 2024 jobs report paints a mixed but stable picture of the U.S. labor market. While certain sectors continue to show resilience and growth, others face challenges that contribute to a moderated pace of job creation compared to previous years.
Source: U.S. Bureau of Labor Statistics
