The economy added 372,000 jobs in June, a hotter-than- expected boost to the labor market that may ease worries of an impending recession, but that complicates the job of the Federal Reserve as it seeks to quell inflation.
The unemployment rate was the same as a month ago.
The average gain over the last few months is in line with the number. Employers have continued to compete for workers, with initial unemployment claims only rising slightly from their low point in March.
The private sector has regained some of the jobs it lost, while the public sector still has a long way to go. The public sector did not lose jobs in June.
As sky-high prices affect consumer spending, there is no guarantee that rapid growth will continue forever. There are barriers to work that keep many people out of the workforce.
The vice president of global economics research at Morgan Stanley said that they weren't going to keep up employment growth. It would take some time to exhaust America's appetite for labor.
There is still demand for workers. When the economy slows, it makes sense for employment to slow as well.
The number of jobs that employers had open in May was close to a record high and left nearly two jobs for every person looking for work. Workers who are laid off are likely to find new jobs quickly.
A time limit to the seller's market for labor is being created. While domestic demand remains strong and some supply chain issues have lessened, order backlogs are no longer growing and savings accounts are getting smaller. Employers are more likely to automate tasks if they can.
Bill Adams said that employers are less anxious to fill jobs as the economy slows. Businesses are likely to slow-walk filling open positions before pulling job postings.
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