US nonfarm payrolls total 224,000 in June, vs 165,000 jobs expected
Payroll growth rebounded sharply in June as the U.S. economy added 224,000 jobs amid concerns that both the employment picture and overall growth picture were beginning to weaken. The unemployment rate edged up to 3.7%.
Professional and business services led the gains with 51,000, while health care added 35,000 and transportation and warehousing contributed another 24,000. Federal Reserve policymakers have been watching the jobs numbers closely. Markets have been widely anticipating that the central bank will cut its benchmark interest rate later this month, regardless of what the June payrolls report showed.
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