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• Average hourly earnings rose 5.1% from a year ago, slightly faster than estimates
• Education and health services led to maximum job creation, followed by professional and business services and leisure and hospitality
Job growth in the US accelerated at a much faster pace than expected in June, indicating that the central pillar of the economy remains strong despite the darkening economic outlook.
The Bureau of Labor Statistics on Friday reported that nonfarm payrolls increased 372,000 in the month, outperforming Dow Jones’s estimate of 250,000 jobs and continuing what has been a strong year for job growth.
June’s gains were slightly slow from the downwardly revised 384,000 in May. April’s count was revised down to 368,000.
The unemployment rate was 3.6%, unchanged from May and in line with estimates.
The number of discouraged workers and those holding part-time jobs for economic reasons fell sharply, dropping to 6.7% from 7.1%.
The gains come despite an inflation rate running at the fastest pace since the early 1980s.
Average hourly earnings jumped 0.3% in June and were up 5.1% from a year ago, slightly higher than the 5% Dow Jones estimate and indicative that wage pressures remain strong as inflation accelerates.
Earnings most recently peaked at 5.6% annually in March.
By sector, education and health services added 96,000 jobs, while professional and business services added 74,000 positions. Other contributors to the higher job numbers were leisure and hospitality, health care and transportation and the warehousing industry.
While manufacturing, information and social assistance showed substantial gains in June, government jobs fell by 9,000.
Picture Credit: USNews
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