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The US Labor Market Thundered in June
Although economists had forecast 160,000 jobs, 224,000 jobs were created in the USA in June. This eradicated the idea that America’s economy was heading for a recession.
The business sector added 51,000 jobs to the economy, with healthcare, transportation, and warehousing being major contributing factors of employment.
Jobs rose in an exponential rate in June but the wage growth rate only increased by 0.2%.
Since the economy is doing so well, the Fed might lower interest rates after their meeting in 30th July.
Employment rates have increased gradually and even though the US has been churning poor manufacturing data, it is possible that the Fed will loosen policy later and decrease interest rates much later until September, according to Andrew Hunter, a senior US economist.
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