ABC News on Nostr: US employers added a solid 206,000 jobs in June in a sign of continued economic ...
US employers added a solid 206,000 jobs in June in a sign of continued economic strength
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US employers added 206,000 jobs in June, displaying the U.S. economy's ability to withstand high interest rates. The unemployment rate rose from 4% to 4.1%, the highest rate since November 2021. The government revised down its estimate of job growth for April and May by a combined 111,000. Average hourly pay rose 0.3% from May and 3.9% from June 2023, the smallest rise since June 2021. Just two sectors, government and healthcare/social assistance, accounted for three-quarters of June's job growth. Economists suggest that the labor market remains strong and any deceleration remains modest. The state of the economy is weighing heavily on voters' minds as the presidential campaign intensifies. The U.S. gross domestic product grew at a lethargic annual pace of 1.4% from January through March. Consumer spending rose at just a 1.5% pace last quarter. The number of advertised job openings has declined steadily since peaking at a record 12.2 million in March 2022. Most workers are enjoying an unusual level of job security. The Federal Reserve is expected to begin cutting its benchmark rate in September. Inflation has declined from a peak of 9.1% in 2022 to 3.3%. The job market has lost momentum, with fewer interviews and responses to job applications. The job market is very different from three years ago.
#UsJobMarket #EconomicStrength #UnemploymentRate #JobGrowth #InterestRates #FederalReserve #Inflation #ConsumerSpending
https://abcnews.go.com/US/wireStory/us-jobs-report-june-point-slower-solid-hiring-111683943
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US employers added 206,000 jobs in June, displaying the U.S. economy's ability to withstand high interest rates. The unemployment rate rose from 4% to 4.1%, the highest rate since November 2021. The government revised down its estimate of job growth for April and May by a combined 111,000. Average hourly pay rose 0.3% from May and 3.9% from June 2023, the smallest rise since June 2021. Just two sectors, government and healthcare/social assistance, accounted for three-quarters of June's job growth. Economists suggest that the labor market remains strong and any deceleration remains modest. The state of the economy is weighing heavily on voters' minds as the presidential campaign intensifies. The U.S. gross domestic product grew at a lethargic annual pace of 1.4% from January through March. Consumer spending rose at just a 1.5% pace last quarter. The number of advertised job openings has declined steadily since peaking at a record 12.2 million in March 2022. Most workers are enjoying an unusual level of job security. The Federal Reserve is expected to begin cutting its benchmark rate in September. Inflation has declined from a peak of 9.1% in 2022 to 3.3%. The job market has lost momentum, with fewer interviews and responses to job applications. The job market is very different from three years ago.
#UsJobMarket #EconomicStrength #UnemploymentRate #JobGrowth #InterestRates #FederalReserve #Inflation #ConsumerSpending
https://abcnews.go.com/US/wireStory/us-jobs-report-june-point-slower-solid-hiring-111683943