WASHINGTON (AP) — Employers shook off two months of weak hiring and added 287,000 jobs in June, a blistering pace that points to a resilient U.S. economy recovering from a weak winter and spring.
The hiring spurt marked a sharp improvement from May’s dismal showing, when just 11,000 jobs were added. A modest 144,000 jobs were created in April. May’s figure was revised lower, while April’s is higher than initially reported.
The unemployment rate rose to 4.9 percent from 4.7 percent as more Americans began looking for jobs, a sign they were more confident about their prospects.
The broadly positive report suggests the U.S. economy was improving before the United Kingdom startled the world late last month by voting to leave the European Union.
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I can imagine the lede in the business section and on CNBC:
“The US economy posted stronger than expected job gains for the month of June, immediately raising concerns among investors of an imminent hike in interest rates.”
The first report I saw was 167,000 jobs. Why the discrepancy. Mind you I am happy to see the bigger number but I know I wasn;t seeing things. And I also read the unemployment rate ticked up to 4.7 percent
I think there was a report the other day from the payroll processing firm ADP that predicted about 165,000 new jobs created. Every month they make predictions, and sometimes they are off in their estimates.
I think the unemployment rate jumped from 4.7 to 4.8 percent. We’ll probably see more from follow up reports, or from the Bureau of Labor Statistics, about wage increases, labor participation, where the new jobs are distributed – healthcare, services, manufacturing, hospitality – etc.
So far, it looks like a good report.