July 8, 2019
U.S. hiring rebounded sharply in June, with the Bureau of Labor Statistics (BLS) reporting that 224,000 nonfarm jobs were added to payrolls, well above the 165,000 expected by a consensus of economists surveyed by Dow Jones. However, wage growth remains sluggish, and the BLS also revised downward its already-lackluster May figures from 75,000 to 72,000.
The June employment report showed “the U.S. economy continues to create jobs at a strong pace, even as we enter the longest period of economic expansion on record,” Citizen Bank’s Tony Bedikian told CNBC. “The bounce-back in the June jobs number may splash cold water on the notion of an imminent Fed rate cut.”
Job growth averaged 172,000 per month in 2019’s first half, a drop-off from the average of 223,000 in 2018. However, the pace of hiring remains well above the roughly 100,000 per month needed to keep up with growth in the working-age population.
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