US adds 372,000 jobs in June, unemployment rate remains at 3.6% – Footwear News
The US economy added 372,000 jobs in June and the unemployment rate was unchanged from May and April at 3.6%, according to data released Friday by the Bureau of Labor Statistics.
That number represents little change from May, which saw an increase of a newly revised figure of 384,000 jobs, recently adjusted by 6,000 from the 390,000 originally reported.
Notable employment gains continued in recreation and hospitality, professional and business services, health care, transportation and warehousing, manufacturing and information. Employment in retail trade was little changed from the previous month.
The unemployment rate remained at 3.6% for the fourth consecutive month, with around 5.9 million people out of work in June.
The average hourly wage rose 10 cents, or 0.3%, to $32.08 in June. Over the past 12 months, the average hourly wage has increased by 5.1%. Meanwhile, inflation continues to climb to record highs.
In May, inflation reached its highest level in more than 40 years, with consumer prices up 8.6% compared to the period a year ago, according to the monthly report from the Bureau of Labor Statistics. This number was up from the 8.3% growth in April and the 8.5% growth in March. The June inflation report is due out next week.
As growth in the economy appears to be slowing, the National Retail Federation (NRF) has said a recession is unlikely to occur for the remainder of 2022.
“The economy is moving from extremely strong growth to moderate growth, but rising incomes from job gains, rising wages and increased hours worked should support household spending,” said NRF chief economist Jack Kleinhenz in a statement last week.
Meanwhile, consumers have recently expressed more concern over growing inflationary pressures, according to the Center for Microeconomic Data at the Federal Reserve Bank of New York. In May, median inflation expectations for the year ahead rose from 6.3% to 6.6% in May, up 0.3% from April, the New York Fed said. This is the highest survey rate recorded since June 2013, tied with March.