US job creation in June was above expectations in June and the unemployment rate remained close to pre-pandemic lows, in signs of persistent strength in the labor market that give the Federal Reserve (Fed, the bank- central bank) ammunition for another 0.75 percentage point interest rate hike this month.
The US economy added 372,000 jobs outside the agricultural sector last month, the Labor Department’s employment report showed on Friday.
The May data was revised down slightly to show 384,000 job openings instead of the previously reported 390,000.
Economists polled by Reuters projected the creation of 268,000 jobs in June. Estimates ranged from 90,000 to 400,000.
The better-than-expected result in June brings the economy closer to recovering all the jobs lost during the pandemic. The unemployment rate remained at 3.6% for the fourth consecutive month. This is inconsistent with an economy that is on the brink of recession.
Source: CNN Brasil
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