June Jobs Report Shows US Economy On The Mend
The Labor Department released June’s jobs report, and it looks like businesses are hiring again.
The US added 287,000 new jobs last month, a massive rebound from the mere 38,000 added in May. June exceeded economists’ expectations for a gain of 177,000 jobs, though unemployment inched up to 4.9%—from May’s 4.7%, CNN reports.
Stocks had been stagnant for days leading up to the jobs report as investors questioned the state of the economy, but the strong hiring results should alleviate those fears. On the other hand, it does increase the chance of a Federal Reserve interest rate hike. [CNN]