The U.S. economy added 372,000 jobs in June, above the market estimate of 250,000. Although job growth exceeded expectations, it was the lowest since April 2021. Economists predict job growth will slow in the coming months as recession fears grow.
Nonfarm payroll employment grew 372,000 in the month, compared to 390,000 gains in May, according to data released by the Bureau of Labor Statistics (BLS) on Friday. The unemployment rate remained unchanged at 3.6 percent.
Professional and business services, leisure and hospitality, and health care all had notable job growth last month.
Average hourly earnings edged up 0.3 percent month-over-month, while annualized hourly early earnings increased by 5.1 percent. Wage growth is less than the 8.6 percent inflation rate, meaning that employees are losing money as their expenditures rise faster….