The U.S. economy continued to add new jobs in June at a pace that beat analysts’ estimates, keeping the unemployment rate near a 50-year low and easing concerns that aggressive U.S. interest rate hikes will also hurt employment.
In particular, data released today by the US Labor Department showed that the economy added another 372,000 jobs in June, beating analysts’ estimates of 265,000 jobs in a Bloomberg poll.
The unemployment rate was held at 3.6%, confirming estimates.
At the same time, the ministry revised the May data to 384,000 jobs.
The resilience of the labor market contrasts with the broader picture of the economy showing signs of slowing after aggressive US interest rate hikes and amid an unprecedented inflation rally that has hit demand. However, the strong performance of the labor market seems to give the Federal Reserve the green light to continue raising interest rates in the coming months in order to combat inflation.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
