U.S. job growth beats expectations; unemployment rate holds at 3.6%

Nonfarm payrolls increased by 372,000 jobs last month

U.S. job growth increased more than expected in June and the unemployment rate remained near pre-pandemic lows, signs of persistent labor market strength that give the Federal Reserve ammunition to deliver another 75-basis-point interest rate increase later this month, Qazet.az reports.

Nonfarm payrolls increased by 372,000 jobs last month, the Labor Department's closely watched employment report showed on Friday. Data for May was revised slightly down to show payrolls rising by 384,000 jobs instead of the previously reported 390,000.

Economists polled by Reuters had forecast 268,000 jobs added last month. Estimates ranged from as low as 90,000 to as high 400,000.

June's larger-than-expected employment gains pushed the economy closer to recouping all the jobs lost during the pandemic. The unemployment rate was unchanged at 3.6% for a fourth straight month. This is inconsistent with an economy that is on the verge of a recession.