WASHINGTON, July 9 — US employers hired far more workers than expected in June and continued to raise wages at a steady clip, signs of persistent labour market strength that give the Federal Reserve ammunition to deliver another 75-basis-point interest rate hike this month.
“If you’re looking at this report for signs we’re already in a recession, you’re likely to come up blank,” said Nick Bunker, an economist at Indeed in Washington. “For now, employers continue to hire a considerable number of workers at higher wages. That’s something to celebrate.” The survey of establishments showed nonfarm payrolls increased by 372,000 jobs last month.
The economy created 2.74 million jobs in the first half. President Joe Biden welcomed the strong employment gains. With the labour market tight, however, a second straight quarterly GDP contraction would not mean a recession. Inflation data for June next Wednesday, which is expected to show consumer prices accelerating, is also seen giving policymakers more cover to raise borrowing costs further.
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