After a lackluster May, the United States economy rebounded in June, adding 224,000 jobs.
Friday’s jobs report released by the U.S. Department of Labor eased concerns of a slowdown, as the job gains outpaced economists’ projections of 170,000.
The unemployment rate was 3.7% in June, which was up slightly from 3.6% in May. Average earnings rose six cents an hour from May, and are up 3.1% over the past year.
The report also revised job growth in April and May down by a combined 11,000 jobs.
Overall, unemployment is still near a five-decade low, wage growth continues and employers have added jobs for 105 consecutive months, which is a record.
“There’s lots of talk about uncertainty, and maybe that’s going to lend itself to a weakening in hiring, but we haven’t actually seen it happen yet,” Michelle Meyer, chief economist at Bank of America Merrill Lynch, told the New York Times.
Though June’s rebound was encouraging, the economy has certainly cooled down compared to 2018. Employers have added an average of 171,000 jobs per month over the past three months, which is down from the 223,000 average last year.
About the Author
Brett Christie is a staff writer at WorldatWork.