| America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying theLast month’s job growth did mark a pullback from 218,000 in May. But it was still a strong gain, reflecting the resilience of America’s consumer-driven economy, which is slowing but still growing steadily.
The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. And it said average hourly pay rose just 0.3 per cent from May and 3.9 per cent from June 2023. The year-over-year figure was the smallest such increase since June 2021 and will likely be welcomed by the Federal Reserve in its drive to fully conquer inflation.
Economists been repeatedly predicting that the job market would lose momentum in the face of high interest rates engineered by the Fed, only to see the hiring gains show unexpected strength. Still, there are signs of an economic slowdown in the face of the Fed’s series of interest rate hikes. The US gross domestic product — the total output of goods and services — grew at a lethargic annual pace of 1.4 per cent from January through March, the slowest quarterly pace in nearly two years.
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