Payroll growth exceeded economists' expectations, but wage growth slowed, indicating the job market is cooling.
The unemployment rate remained at 3.6%, close to its pre-pandemic low.
The government reported increases in professional and business services, leisure and hospitality, and health care. The information sector, despiteManufacturing added 29,000 jobs, bringing the sector's employment to pre-pandemic levels. Transportation and warehousing added 36,000 jobs. Monthly job gains have slowed from an average of 500,000 in the first three months of the year to an average of 375,000 in the next three.
"Average hourly wages decelerated for the third consecutive month to 5.1% in June, down from a recent peak of 5.6%. While still proceeding at a strong pace, wage growth continues to trail inflation — especially for important household expenditures such as food, fuel and housing," Joel Kan, assistant vice president of Economic and Industry Forecasting at the Mortgage Bankers Association, said in a research note.
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