The Labor Department reported Friday that the economy added 222,000 nonfarm jobs in June, exceeding an average forecast of 180,000 new jobs in a MarketWatch survey of economists. Also, May's gains, initially reported at 138,000, were adjusted up to 152,000. The unemployment rate edged up from 4.3 percent, a 16-year low, to 4.4 percent as more people entered the labor force looking for work. Economists said before the report was released that any sign of continued strong hiring would provide support for the Federal Reserve officials' plans to start reducing the central bank's $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, which it bought up to boost the economic recovery following the Great Recession.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Why are older workers staying on the job?Today's Big Question And what does it mean for younger workers?
-
US job growth revised downwardSpeed Read The US economy added 818,000 fewer jobs than first reported
-
Are we getting a 'hard landing' after all?Today's Big Question Signs of economic slowdown raise concerns 'soft landing' declarations were premature
