The unemployment rate fell slightly to 3.6 percent, according to a Bureau of Labor Statistics report released Friday.
Fueling the payroll gains was the government sector, which added 60,000 jobs in June, but still remains below its pre-pandemic levels. Health care, a centerpiece of pandemic recovery economy gains, added 41,000 jobs, driven by increases in hospitals, nursing facilities and home health services. Construction also saw strong gains, adding 23,000 jobs, despite rising interest rates that have made buying homes more expensive.
Financial markets bristled at the prospect of higher interest rates, even though the job gains were smaller than anticipated. All three major stock indexes — the Dow Jones Industrial Average, Standard & Poor’s 500 and Nasdaq — slipped about 0.1 percent in the first minutes of trading Friday.The hardy job market, despite cooling, has helped prop up the broader economy, even as the Fed has taken aggressive action to slow things down.
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Source: Reuters - 🏆 2. / 97 Read more »