Payrolls increased 372,000 in June, more than expected, as jobs market defies recession fears

The main pillar of the U.S. economy, job growth, accelerated at a much faster pace than expected in June.

The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 372,000 in the month of September, better than the estimate of 255,000 by the Dow Jones.

The unemployment rate did not change from May to June. The measure of unemployment that includes discouraged workers and those holding parttime jobs for economic reasons fell sharply.

In May, there was a downwardly revised 384,000. The count was reduced to 368,000.

Average hourly earnings increased for the month and were up 5.1% from a year ago, which is indicative of wage pressures remaining strong as inflation increases.

The wage number is likely to keep the Fed on track for rate increases. The July meeting of the Fed is likely to see a rate hike.

Education and health services created 96,000 jobs, while professional and business services created 74,000. Health care and transportation and warehousing contributed to the total.

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