U.S. employers added more jobs in June than forecast and the unemployment rate held near a five-decade low, suggesting hiring needs are so far eclipsing concerns about the economic outlook.
Nonfarm payrolls rose 372,000 last month following a revised 384,000 in May, a Labor Department report showed Friday. The unemployment rate held at 3.6% as the pool of available workers shrank, and wage growth remained firm.
The unexpected strength in hiring bucked forecasts for a slowdown and underscores the stark contrast between the resilience of the jobs market and fears of a recession. At the same time, the data will likely keep Federal Reserve policymakers set on raising interest rates aggressively to curb red-hot inflation by reducing demand among households and businesses.
