June Jobs Report Crushes Expectations: 372K New Jobs

July 8, 2022 Economy, Employment

CNBC reports:

Job growth accelerated at a much faster pace than expected in June, indicating that the main pillar of the U.S. economy remains strong despite pockets of weakness. The unemployment rate was 3.6%, unchanged from May and in line with estimates.

Nonfarm payrolls increased 372,000 in the month, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.

The Washington Post reports:



“The labor market is still running hot even though the temperature has come down by a few degrees,” said Daniel Zhao, senior economist at Glassdoor. “We did see recession concerns pick up significantly in June, but labor demand seems to be holding up.”

The latest figures underscore the strength of a labor market that has rapidly rebounded after more than 20 million people lost their jobs in the first months of the pandemic. But after months of unprecedented growth and decades-high inflation, the focus has shifted to cooling the economy enough to a more even-keeled pace.

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