Hourly earnings increase 0.4%; up 4.4% year-on-yearWASHINGTON, July 7 - 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 rates later this month.
"The payroll numbers gave a whiff of weakening, but the labor market remains strong," said Sean Snaith, the director of the University of Central Florida's Institute for Economic Forecasting. "By no means is the Fed's work done. We're in a protracted battle against inflation, and nothing in today's report suggests otherwise."
Employment growth is in part being driven by companies hoarding workers, a legacy of the dire labor shortages experienced as the economy rebounded from the COVID-19 pandemic downturn in 2021 and early 2022. Private payrolls increased 149,000, also the smallest gain since December 2020. Healthcare payrolls rose 41,000, reflecting increases in hiring at hospitals, nursing and residential care facilities as well as home health care services.
Leisure and hospitality payrolls increased 21,000. The pace has, however, slowed from the first quarter. Demand could either be slowing or businesses are having trouble finding workers as alluded to in the Institute for Supply Management's June survey, which showed some services businesses reported being "unable to find qualified candidates for some open positions."
"Companies are continuing to retain and add to their workforce, but are not increasing weekly hours," said Selcuk Eren, senior economist at the Conference Board in Washington. "That's consistent with CEOs in a slowing economy choosing to hold onto workers, potentially with reduced hours, rather than let them go for fear of future hiring difficulties."
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