WASHINGTON (CNN) – The US economy added 224,000 jobs in June, a strong backdrop to the labor market after a disappointing May.
Unemployment increased to 3.7%, highest level since March 2019, but still historically low.
The number significantly strikes the expectations of analysts, who had expected a move on jobs due to business security around high trading tensions, as well as a lack of housing market.
In addition to the positive story, 335,000 people entered the work force in June – significantly more than usual – which may have been what pushed unemployment up slightly. It is a remarkable achievement for an economy that has sucked up workers in 1
The figure looks more like the more robust 2018 monthly job gets on average than the lower average so far in 2019, which prevents concerns about a sharp slowdown, even though indicators of business sentiment have become negative.
Wages rose 3.1% from the previous year, somewhat lower than the forecast, but still reasonably strong.
Biggest gains came in healthcare and professional and business services, although production went into a robust 17,000 jobs after four months of little change – a surprising turnaround for an industry that has flagged with higher commodity costs due to tariffs and the downturn in the world trade.
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