Скачать или смотреть US reports strong job growth as experts warn of higher inflation

On Friday, July 8th, the US Labor Department released its latest June job report, showing more robust growth in the labor market than expected.


America’s employers shrugged off high inflation and weakening growth to add 372,000 jobs in June, a surprisingly strong gain that will likely spur the Federal Reserve to keep sharply raising interest rates to cool the economy and slow price increases.


According to the report, health care and social assistance saw the biggest jump month over month, adding nearly 78,000 jobs. Professional and business services followed closely, with a gain of 74,000 jobs. Leisure and hospitality continued its rebound with a gain of 67,000 jobs.


The only negative employment sector in June was the government, which shed 9,000 jobs. A decline in federal employment primarily drove that drop.


Aside from the job growth, the unemployment rate remained at 3.6% for a fourth month, matching a near-50-year low reached before the pandemic struck in early 2020.


During a signing ceremony for an executive order to protect access to abortion on Friday, US President Joe Biden applauds last month’s report, saying “there are more Americans working than at any time in American history.”


“Our private sector has now recovered all of the jobs lost during the pandemic and added jobs on top of that,” he told the media.


The past year’s streak of robust hiring has been good for job seekers and has led to higher pay for many employees. But it has also helped fuel the highest inflation in four decades and heightened pressure on the Fed to further slow borrowing and spending.


Right now, the market is expecting the June consumer price index next Wednesday, which will show the headline inflation, including food and energy. Economists expect last month’s inflation data could be hotter than May’s 8.6% year-over-year pace – the highest since 1981.



ETB NEWS: Yi Pan, Meixing Ren Contributed to this article.