The Economy Added 372,000 Jobs In June, Outpacing Expectations—An unexpected boost in hiring and a signal that the labor market remains robust despite recession fears, according to the monthly jobs report from the Bureau of Labor Statistics released July 8.
The unemployment rate held steady at 3.6%, still close to the 52-year low last reached in the months before the pandemic hit. Wages in June were still on the rise, but continue to be outpaced by the highest inflation in 40 years.
Average hourly earnings were up 5.1% during the past 12 months. The labor force participation rate, at 62.2%, changed little from the previous month but remains below the pre-pandemic level of 63.4%.
The June job total, slightly down from May's revised 384,000 jobs added, far surpassed expectations. Economists polled by Refinitiv projected 272,700 jobs would be added in June, amid a period of economic unease and growing fears that a recession is brewing.
Following the latest monthly gains, the labor market is now 524,000 jobs shy of its pre-pandemic level, BLS data shows. The strongest job gains for June came from the professional and business services, leisure and hospitality and health care industries, with notable increases in areas such as food services and warehousing and storage.
Source: CNN Business, 07.08.2022
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