Current:Home > InvestHiring cools as employers added 209,000 jobs in June-LoTradeCoin
Hiring cools as employers added 209,000 jobs in June
View Date:2024-12-23 20:39:12
Hiring cooled in June as employers put the brakes on hiring amid economic headwinds such as surging borrowing costs.
The U.S. added 209,000 jobs last month, the Labor Department reported Friday. That was in line with economists' expectations for about 205,000 new jobs in June, according to a poll of economists by FactSet.
By comparison, employers added 339,000 new jobs in May, although the Labor Department on Friday revised that number downward to 306,000.
The Federal Reserve has sharply boosted interest rates over the past year, making it more expensive for businesses to expand. The central bank wants to tamp economic growth to slow inflation, which hit a 40-year high last year. The latest jobs data signals that businesses are continuing to hire, albeit at a cooler pace, easing fears of a brewing recession while also providing evidence to the central bank that its rate hikes are working as intended.
"The U.S. labor market moderated in June, as new job creation edged down — a step toward the much sought-after soft landing in the economy," noted Dave Gilbertson, labor economist at payroll management software company UKG, in an email after the numbers were released. "[T]he labor market is holding up very well, but it's not on fire."
The unemployment rate edged down to 3.6% from 3.7% in the prior month.
June's hiring pace was below the average rate of the first six months of 2023, with 278,000 jobs created on a monthly average during that time. It also marks a slowdown from the average monthly job creation rate of 399,000 in 2022, the U.S. Bureau of Labor Statistics said.
Jobs were added in government, health care, social assistance and the construction industries, while some sectors saw little change in hiring, including professional and business services and leisure and hospitality.
Still, the weaker jobs report may not be enough to stop the Fed from hiking rates later in July, especially as wage growth remains strong, according to Capital Economics.
"With the annual rate of wage growth unchanged at 4.4%, that is still too strong to be consistent with 2% inflation and suggests a further easing in labour market conditions is still needed," wrote Capital Economics' deputy chief U.S. economist Andrew Hunter in a Friday morning research note.
- In:
- Economy
veryGood! (34225)
Related
- More human remains from Philadelphia’s 1985 MOVE bombing have been found at a museum
- Vin Diesel Sued for Alleged Sexual Battery by Former Assistant
- Temu accuses Shein of mafia-style intimidation in antitrust lawsuit
- Single-engine plane crashes at Georgia resort, kills pilot
- Queen Elizabeth II's Final 5-Word Diary Entry Revealed
- 2 found dead in submerged car after police chase in Pennsylvania
- 2 10-year-old boys killed in crash after father fled from police, 4 others injured: Police
- Horoscopes Today, December 22, 2023
- North Carolina offers schools $1 million to help take students on field trips
- ICHCOIN Trading Center: Significance of Cryptocurrency Cross-Border Payments
Ranking
- Research reveals China has built prototype nuclear reactor to power aircraft carrier
- Mystery Solved: This Is the Ultimate Murder, She Wrote Gift Guide
- Vin Diesel accused of sexual battery by former assistant in new lawsuit
- Luis Suárez reunites with Lionel Messi, joins Inter Miami on one-year deal
- 13 escaped monkeys still on the loose in South Carolina after 30 were recaptured
- Horoscopes Today, December 22, 2023
- CVS, Walgreens, Rite Aid store hours: Are pharmacies open Christmas Eve and Christmas Day?
- Pakistan’s top court orders Imran Khan released on bail in a corruption case. He won’t be freed yet
Recommendation
-
The Daily Money: All about 'Doge.'
-
NBA on Christmas: Schedule, times, TV info, how to watch league's annual holiday showcase
-
What stores are open and closed on Christmas Eve? See hours for Walmart, CVS, Costco and more
-
Biden speaks with Mexico's Obrador as migrant crossings at southern border spike
-
New Mexico secretary of state says she’s experiencing harassment after the election
-
Exclusive: Sia crowns Katurah Topps as her favorite 'Survivor' after the season 45 finale
-
2 10-year-old boys killed in crash after father fled from police, 4 others injured: Police
-
Powerball winning numbers for Wednesday's $572 million jackpot: Check your tickets