Although there are some weak spots in the U.S. economy, job growth accelerated at a much faster pace in June and is still strong overall.
According to information released by the Bureau of Labor Statistics late last week, nonfarm payrolls climbed 372,000 in the month, exceeding the 250,000 Dow Jones estimate and maintaining what has been a robust year for job creation. The average hourly earnings increased 5.1% from a year earlier, and unemployment was steady at 3.6%.
Professional and business services created 74,000 jobs, while education and health care added 96,000. The transportation and warehousing, leisure and hospitality, and health care sectors also added significant jobs.
Employment grew even though inflation is rising at its quickest rate since the early 1980s. Prices have increased dramatically across the board, from gas stations to grocery stores to almost every other area of daily life.
The Fed has implemented a series of interest rate hikes to counteract growing inflation with the goal of slowing the economy without triggering a recession.
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