The Latest: US adds robust 224,000 jobs in June
WASHINGTON (AP) — The Latest on the U.S. jobs report for June (all times local):
U.S. job growth rebounded in June as employers added 224,000 jobs, an indication of the economy’s durability after more than a decade of expansion.
The Labor Department says the solid gain came after weak job growth of just 72,000 in May. The burst of hiring last month may suggest that employers are shaking off concerns about weaker global growth and the waning benefits from tax cuts. The unemployment rate ticked up to 3.7%, up from 3.6% for the previous two months as more people began searching for work.
The strength of the jobs report could complicate a decision for the Federal Reserve late this month on whether to cut interest rates to help support the economy. Most investors anticipate a rate cut.
Hourly wages rose 3.1% from a year ago.
The June jobs report being released Friday will likely help determine whether the U.S. economy has stabilized or is gradually weakening.
The evidence is conflicting. Consumer spending has solidified. Home sales are rebounding. But America’s manufacturing sector is slowing along with construction spending. Growth in the services sector, which includes such varied industries as restaurants, finance and recreation, slowed in June.
Economists have estimated that the government will report that employers added 164,000 jobs in June, according to data provider FactSet. That would roughly match the average monthly gain this year and would mark a healthy rebound from the meager 75,000 jobs that were added in May.
For June, the unemployment rate is expected to hold at 3.6% — the lowest level since 1969 — for a third straight month.