The United States added 209,000 jobs in June
The June hiring figure reported by the government Friday is the smallest in 2 1/2 years. But it still points to a durable labor market that has produced a historically high number of advertised openings. The unemployment rate fell from 3.7% to 3.6%, near a five-decade low.
The wage data will likely raise concerns at the Fed, which is worried that faster pay gains will perpetuate inflation by leading companies to raise prices to offset their higher labor costs. The Fed wants to see hiring and wage increases slow before halting its rate hikes.The economy is beset by high interest rates, elevated inflation and nagging worries about a possible recession resulting from the Fed’s ever-higher interest rates.
The Fed has jacked up its key interest rate by a sizable 5 percentage points — the fastest pace of rate hikes in four decades. Those increases have made mortgages, auto loans and other forms of borrowing significantly more expensive. The burgeoning demand for labor coincided with millions of Americans dropping out of the workforce to retire, avoid COVID, care for relatives or prepare for new careers. With companies struggling to fill openings, many offered sharply higher pay and better benefits to attract or keep employees.
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