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June Jobs Report - US Economy Adds 372,000 Payrolls, Unemployment Rate at 3.6%


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US JUNE JOBS REPORT KEY POINTS:
  • U.S. employers add 372,000 payrolls in June, above expectations of a gain of 268,000 jobs
  • The unemployment rate holds steady at 3.6%, in line with market forecasts
  • Average hourly earnings advances 0.3% on a monthly basis, bringing the annual figure to 5.1% from 5.3% in May

June Jobs Report - US Economy Adds 372,000 Payrolls, Unemployment Rate at  3.6%

 

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The U.S. labor market remained robust last month despite a rapid cooling of economic activity, caused in part by tightening financial conditions in response to the Federal Reserve's aggressive hiking cycle aimed at crushing rampant inflationary forces in the economy.

According to the Bureau of Labor Statistics, U.S. employers added 372,000 workers in June, above the expected forecast of 268,000, following a downwardly revised increase of 384,000 jobs in May. With this result, which can be considered healthy by all accounts given the late stage in the business cycle, the jobless rate held unchanged at 3.6%, signaling that the market is at or near full-employment.

Separately, the establishment survey showed that average hourly earnings, a closely tracked inflation gauge, rose 0.3% on a seasonally adjusted basis, in line with Wall Street estimates. The annual rate, for its part, fell to 5.1% from 5.3% previously, a sign that wage pressures continue to ease. While slower nominal pay growth may be undesirable for Americans, it can be seen as a positive development in the battle to restore price stability.

Jul 8, 2022 | DailyFX
Diego Colman, Market Analyst

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