The U.s. Economy Added 213,000 Jobs In June As American Businesses Extended Their Hiring Spree, According To A Report Released Friday By The Labor Department. The Unemployment Rate Rose To 4.0 Percent As More Americans Entered The Workforce.
The U.S. economy has added an average of over 200,000 jobs a month this year, far above the 100,000 that economists believe is required to keep up with the growth of the workforce. Minutes from the last meeting of the Federal Reserve released Thursday revealed that Fed officials believe unemployment is below its long-term sustainable level.
Average hourly earnings rose 2.7 percent year over year, slightly below expectations of a 2.8 percent increase. That is slightly disappointing for workers but also likely to fend off fears that inflation or interest rates will rise faster than expected.
The unemployment rate rose because more workers entered the workforce. The labor force participation rate rose 0.2 percentage points to 62.9 percent. That was better than expected. – READ MORE
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