July 10, 2017
Employers added 222,000 jobs in June, as the U.S. economy exhibited a surprising show of strength, despite being eight years into a recovery, the third-longest expansion on record. Workers have yet to see significant pay gains, and the unemployment rate inched up to 4.4% from 4.3%, largely as a result of more people seeking work.
Hiring numbers for the previous two months were revised higher, all of which added up to average monthly job gains of 180,000 this year, and nearly equaling last year’s level of 187,000, according to the latest Labor Department report.
Data suggests companies are still finding people to hire, and economists have greater confidence the economy still has room to run. The lack of pay increases is vexing, since it typically follows strong hiring and low unemployment, though the cycle of limited wage gains and low prices has kept inflation in check.
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