US economy added 222,000 jobs in June

The US economy gained 222,000 jobs in June, more than expected, according to a report from the Bureau of Labor Statistics on Friday.

Economists had forecast that nonfarm payrolls increased by 178,000, according to Bloomberg. The excess of people employed in July over those that were laid off or fired was revised up by 14,000 to 152,000.

The unemployment rate increased from a 16-year low of 4.3% to 4.4%.

Hiring in the retail sector increased for the first time since January, pausing a loss of jobs in large department stores that are losing ground to ecommerce. Retail trade gained 8,100 jobs overall, although hiring fell on net in car dealerships, electronics stores, and clothing stores.

Wage growth was softer than expected and unchanged from May. Average hourly earnings rose by 0.2% month-on-month, and 2.5% year-on-year.

Economists expected wages to rise at an even faster pace since the unemployment rate is at a post-crisis low. However, some Federal Reserve officials have noted that the traditional relationship between unemployment and inflation has weakened.

More to come ...

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