Jul 8, 2022 - Economy
U.S. adds 372,000 jobs as labor market stays robust
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The U.S. economy added 372,000 jobs last month, while the unemployment rate held at 3.6%, close to the lowest level in a half-century, the government said on Friday.
Why it matters: Jobs growth remains healthy, even as the Federal Reserve tries to slam the brakes on the economy to contain decades-high inflation.
- Forecasts called for 270,000 payrolls to have been added in June.
By the numbers: Job gains in April and May were 74,000 lower than initially estimated.
- The labor force participation rate — the share of the population employed or looking for a job — ticked down slightly to 62.2%.
- Wages grew 5.1% from the prior year, compared to 5.2% in May.
The backdrop: There has been a spate of companies announcing layoffs, rescinding job offers and pausing hiring, though these developments have largely been concentrated in sectors like housing and technology.
- The Fed, meanwhile, delivered its biggest interest rate hike since 1994 last month — the latest move in its aggressive bid to chill the economy and the labor market to choke off inflation.
