The U.S. economy added the fewest jobs in 2-1/2 years in June, but persistently strong wage growth pointed to still-tight labor market conditions that most certainly ensure the Federal Reserve will resume raising interest rate later this month.| Reuters
last month, the smallest gain since December 2020, the survey of establishments showed. Economists polled by Reuters had forecast payrolls rising 225,000. The economy needs to create 70,000-100,000While the higher paying industries such as technology and finance are purging workers, sectors like leisure and hospitality as well local government and education are still catching up after losing employees and experiencing accelerated retirements during the COVID-19 pandemic.
Government employment increased by 60,000, boosted by a 59,000 rise in state and local government payrolls. Government employment remains 161,000 below its pre-pandemic levels. Healthcare payrolls rose by 41,000ing and residential care facilities as well as home health care services. Construction employment jumped by 23,000. The housing market is showing signs of revival after being battered by a surge in mortgage rates. The Fed has raised its policy rate by 500 basis points since March 2022 when it embarked on its fastest monetary policy tightening campaign in more than 40 years.
There were also increases in professional and business services employment. Leisure and hospitality payrolls increased 21,000. Employment in the industry remains 369,000 below its pre-pandemic levels.Average hourly earnings rose 0.4 percent last month after climbing by the same margin in May. In the 12 months through June, wages increased 4.4 percent, matching May’s advance.. stocks opened lower.
But the number of people employed part time for economic reasons increased by 452,000 to 4.2 million, partially reflecting an increase in those whose hoYour subscription could not be saved. Please try again.
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