US Economy Added 372,000 Jobs in June

The U.S. labor market performed better than expected in June, adding nearly 50% more jobs than some economists expected.

U.S. employers added 372,000 jobs last month, beating the 250,000 estimate from Dow Jones economists, according to the Bureau of Labor Statistics. The unemployment rate remained at 3.6% for the fourth consecutive month, and the labor force participation rate stayed around 62%. The education and health services sector added the most jobs (96,000), followed by professional and business services (74,000), leisure and hospitality (67,000), health care (57,000), and transportation and warehousing (36,000). The manufacturing sector added 29,000 jobs, up from 15,000 in June. 

Average hourly earnings increased 0.3% from May and were up 5.1% from a year ago, while consumer inflation hangs around 8.6%. Total employment remains 0.3% below its pre-COVID-19 pandemic level in February 2020.

News reports from across the political spectrum framed the data positively. A report from CNN Business said the data showed "an unexpected boost in hiring and a signal that the labor market remains robust despite recession fears." A report from Fox Business said the report shows that "inflation is having a limited impact on hiring thus far," while also highlighting how consumer inflation continues to outpace wage growth.