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US NFP grew 4.8m, unemployment rate dropped to 11.1%

US non-farm payroll employment grew 4800k in June, well above expectation of 3000k. But it’s still -14.7m, or -0.6%, below the February level. May’s figure was revised up to 2699k. Unemployment rate dropped back to 11.1%, down from 13.3%, better than expectation of 12.2%. Labor force participation rate also rose 0.7% to 61.5%, even though it’s still -1.9% below February’s level. Average hourly earnings dropped -1.2% mom, worse than expectation of -0.6% mom.

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